The 19th International Caspian Oil & Gas Exhibition and Conference Incorporating Refining and Petrochemicals came to an end on Thursday.
The first vice-president of Azerbaijan State Oil Company (SOCAR) Khoshbakht Yusifzade made a report on the topic "Achievements in geological survey during Azerbaijan`s independence."

Yusifzade said: "The Contract of Century was signed on September 20 1994 on exploration and development of Azeri - Chirag- Gunashli (ACG) fields. 272 million tons of oil was produced in ACG fields. Over the past years, 45 billion dollars were invested in the country`s oil sector. During the exploration works, 1996-2011s, it was ascertained that 50% of wells are productive. The oil reserves of ACG are 1 billion tons."

The speeches were also made by Gregory Riley, VP Exploration & Appraisal, BP Azerbaijan, Dr. Jochen Naeth, Senior Geologist of Petroleum System Modeling in the South Caspian Basin, RWE Dea, Novruz Ahmadov, Senior Geophysicist, Statoil Azerbaijan, A successful return to the Absheron Block (offshore Azerbaijan) Bertrand Chevallier, Geosciences Manager, Total E&P Absheron, Integrity management for major oil and gas projects Dr. Stephen W. Ciaraldi, Senior Integrity Management Specialist, Velosi Asset Integrity, Unlocking Giant potential through technology Andy Brayshaw, VP Emerging Science, BP Group.

As the largest event in the oil industry in the Caspian region, Caspian Oil and Gas 2012 brought together the leading experts and major players in the region`s oil industry. Three hundred and four companies from 35 countries demonstrated their products at Baku Expo Centre. The exhibition was organized by the British company, ITE Group plc, and its partner in Azerbaijan, Iteca Caspian LLC.

AzerTAc