Average price of AZERI LT CIF extracted at Azerbaijan’s Azeri-Chirag-Gunashli block of fields was $61.72 per barrel on August 12-16, or $0.83 more than the previous week, Trend reports on Aug. 17.

The State Customs Committee has disclosed the volumes of oil and gas exports for January-June 2019.

Azerbaijan, which is an important supplier of natural gas in the Caspian Sea region, particularly to European markets, keeps increasing its gas exports.

To date, investments in energy projects of Azerbaijan operated by BP have amounted to $72 billion, Bakhtiyar Aslanbeyli, Vice President for Communications, External Affairs, Strategy & Region at BP Azerbaijan-Georgia-Turkey, said at the 26th International Caspian Oil & Gas Conference in Baku on May 31, Trend reports.

To date, 483 million tons of oil and 157 billion cubic meters of gas have been extracted from the Azeri-Chirag-Gunashli field (ACG), Khoshbakht Yusifzade, first vice-president of the Azerbaijani state oil company SOCAR, said.

BP, the operator of many projects in the energy sector of Azerbaijan, has recently published the 2019 first quarter results of its oil and gas production in the country.

Since gaining independence, Azerbaijan, a country rich in hydrocarbon reserves, has been attracting many world famous oil and gas companies.

The Innovation Agency under the Ministry of Transport, Communications and High Technologies organized a global event called "Falcons Summit" in Baku on April 24.

BP, the world-famous British oil and gas company, has been successfully working in Azerbaijan for many years. In 2017, Azerbaijan and BP extended their agreement to develop the ACG fields to 2050, a deal dubbed by the Azerbaijani government as "the contract of the century" when first signed in 1994. The arrangement was initially due to run until 2024.

The Norwegian international energy company Equinor has stated on their website that the decision to add one platform to Azeri-Chirag-Gunashli (ACG) block of oil and gas fields in the Azerbaijani sector of the Caspian Sea is contributing to Equinor’s international strategy.