On September 20, 1994, an agreement on joint development and production sharing in the “Azeri”, “Chirag” and “Guneshli” fields of Azerbaijan’s sector of the Caspian Sea was signed with world known oil companies. This agreement known later as the “Contract of the century” paved the way for signing of new agreements in Azerbaijan. Owing to realization of the oil strategy, Azerbaijan ensured its energy security and became a reliable country and partner in international community.
The national leader Heydar Aliyev prepared a long term oil strategy program which envisaged incorporation of increasing oil revenues to state economy in a proper way. The main goal of the oil strategy, realized as the long-term development program, is the mobilization of the domestic potential of country and efficient use of abundant oil reserves for the prosperity of the people of Azerbaijan. Core ideas of the National Oil Strategy are based on the attraction of foreign investments and expertise; establishment of multi-optional export systems; and efficient and transparent management of generated revenues.
