The final investment decision on the further development of Azeri-Chirag-Gunashli (ACG) block of oil and gas fields in the Azerbaijani sector of the Caspian Sea will have a minimal impact on the consolidated financial results of Japanese INPEX company, one of ACG shareholders, Trend reports citing INPEX.

History proved that those who did not believe in a new agreement on development of the Azeri-Chirag-Gunashli (ACG) block of oil and gas fields were wrong, Siyavush Novruzov, deputy executive secretary of the ruling New Azerbaijan Party, said.

Khankendi – a new flagship vessel specifically designed and built to install the biggest subsea production system in the Caspian Sea as part of the Shah Deniz Stage 2 project, has been launched in Baku.

Foreign investments and opportunities are flowing into Azerbaijan at an unprecedented rate, raising the very real prospect that the country is turning into the great energy hub of the Eurasia, providing credible long-term opportunities to all its partners.

Nearly 400 million tons of Azeri Light oil and more than 120 billion cubic meters of associated gas has been produced in Azeri-Chirag-Guneshli (ACG) block of fields in Azerbaijan during less than 20 years.

SOCAR has presented its proposals for the ACG oil field block to the partners.

The liquidity of SOCAR (the State Oil Company of the Republic of Azerbaijan) must remain adequate for repaying the debt and funding the capital expenditure program, even in case of the decline in oil prices, Standard & Poor’s said Feb. 4.

Azerbaijan's state oil fund SOFAZ has gained more than $1.7 billion from 2007 to April 1, 2014 by implementing the development project of the giant Shah Deniz gas condensate field in the Caspian Sea.

Azerbaijan's government expects an increase in the amount of 230 million manats (around $293 million) in income tax levied from contractors operating under the project on developing the Azeri-Chirag-Guneshli (ACG) block of oil fields in the Azerbaijani sector of the resource-rich Caspian Sea.

A program covering the complete development of the Azeri-Chirag-Guneshli (ACG) oil and gas fields' block in the Azerbaijani sector of the Caspian Sea will be finalized by late 2013.