"Oil is a major wealth of Azerbaijan which belongs not only to this generation, but also to future generations." - Heydar Aliyev - National Leader of the Republic of Azerbaijan
Azerbaijan’s Oil Strategy was set in motion on 20 September 1994 when - thanks to the new policy direction given by the National Leader of Azerbaijan, Heydar Aliyev - the first contract for joint development and production sharing of the Azeri, Chirag and Guneshli oil fields (ACG) was signed.
This contract formed a consortium of foreign companies lead by BP and including State Oil Company SOCAR to invest in ACG and share the proceeds with the State. This highly successful contract later became famous as The Contract of the Century.
In years following, over $20bn in investments to develop ACG were complemented by the development of different export pipelines, including $4bn for the construction of the 1m barrel-per-day BTC export pipeline via Turkey.
Azerbaijan currently produces in excess of 1 million barrels of crude per day.