Oct 12 2017
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“On September 14, 2017 a new contract for extension of Production Sharing Agreement (PSA) on development of Azeri-Chirag-Guneshli block of oil and gas fields was signed with the participation of Azerbaijani president Ilham Aliyev. 
This contract proves Azerbaijan’s economic power”, SOCAR President Rovnag Abdullayev sai at the Argus Azerbaijan International Petroleum Summit 2017. According to him, the ACG currently has more than 550 million tons of oil reserves. “We are sure that this is not the final figure,” he added.


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