Achievement of 2 billion tonnes of oil production in Azerbaijan: a story of vision, hard work and partnership, BP Regional President

Baku, November 9, AZERTAC BP Regional President for Azerbaijan, Georgia and Turkey Gary Jones has hailed the achievement of 2 billion tonnes of oil production in Azerbaijan. “Today, we celebrate a momentous milestone – Azerbaijan’s oil production has just stepped over 2 billion tonnes. 2 billion tonnes! For some, it’s just a number, albeit impressive. For others, it’s a whole page in the nation’s history. For me, it’s a fascinating story,” said Jones as he addressed a state event to celebrate the occasion. “First and foremost, it’s a story of a vision coming true. In 1994, when Azerbaijan was a young state that had just regained its independence, the national leader Heydar Aliyev opened the doors of your country to foreign investors including BP and signed the first international oil contract in Azerbaijan’s modern history. Aptly dubbed as the Contract of the Century, the production sharing agreement for the Azeri-Chirag-Gunashli (ACG) oil field has given birth to a world-class offshore and onshore oil infrastructure, underpinned the unprecedented economic growth, and – what’s most important - helped turn “black gold” into human capital. Today we pay tribute to late President who could see well beyond “dark” oil into a bright future.” “Second, it’s a story of hard work bearing fruit. And I don’t mean just the recent times. Azerbaijan’s oil industry is one of the oldest in the world. The birthplace of mechanical drilling, the home of the first offshore platform, the country of origin of the first oil pipeline – these are just some of the impressive achievements of our industry that were made possible owing to the hard work of thousands of men and women who lived in Azerbaijan. Today we pay tribute to the brave oil workers of the past on whose shoulders we stand tall. We also thank the dedicated oil workers who continue the tradition of the noble profession today,” said Jones. “Third, it’s a story of international partnership working wonders. This year BP celebrates its 25th anniversary in Azerbaijan. In the past quarter of a century, our partnership with the government of Azerbaijan and our co-venturers has been nothing short of outstanding. The partnership has created solid regional infrastructure for producing, processing and transporting hydrocarbons from the depths of the Caspian to the fuel pumps and gas stoves in Europe. I want to thank you, Mr. President, and your government, for unwavering support to every contract Azerbaijan has signed with international oil consortia for the past 25 years. Production sharing agreements have provided an iron-clad protection for the investments of BP and all our co-venturers in Azerbaijan. Mr. President, your personal commitment and first-hand knowledge of the industry has gone a long way in building the mutual trust.” “So these three elements – a vision, hard work and partnership – make up my version of the story of two billion tonnes. However, the story would be incomplete if I just talked about a heroic past and an ambitious present. What makes the story of two billion tonnes really fascinating for me is the prospect of a brilliant future. On September 14, the world witnessed that brilliant future being forged by the ACG co-venturers and the government of Azerbaijan as we signed the renewed ACG PSA, already dubbed by many as “the contract of the new century”. I believe the renewed ACG PSA will not only bring another wave of major investment in Azerbaijan’s economy but also open a new page of technological breakthroughs and human achievements in Azerbaijan’s oil industry. I hope that ten years from now we will gather in this magnificent hall to celebrate the realization of the prospects the foundation of which we have recently laid. And we will acknowledge, just like I do today, that the dreams of a brilliant future have come true through the very three elements that have underpinned our success to date – great vision, hard work and unwavering partnership,” BP`s Regional President added.