“Azerbaijan has become an important player in the oil market stabilization process,” said Energy Minister Parviz Shahbazov as he addressed the 7th International Seminar of the Organization of the Petroleum Exporting Countries (OEPC) under the theme ‘Petroleum – cooperation for a sustainable future’ in the Austrian capital of Vienna. Minister Shahbazov was a keynote speaker at ‘World Economy and the Future of Oil’ session. He spoke of Azerbaijan’s rich hydrocarbon resources and the history of the country`s oil industry.

The minister also highlighted the oil sector and export routes of Azerbaijan, including the signing of a new agreement on the Azeri-Chirag-Guneshli fields in the Azerbaijani sector of the Caspian Sea, as well as the extension of its development period until 2050. He also mentioned that a bonus worth $3.6 billion will be paid to the Azerbaijani government by the partner companies.

Hailing the successful cooperation between Azerbaijan and the Organization in OPEC+format, Shahbazov noted that the country has fulfilled its obligation to reduce oil production. He said favorable conditions were created for foreign investors in the country. The minister praised BP and Equinor's contribution to the development of oil and gas deposits in Azerbaijan. He also highlighted the activities of the State Oil Fund of Azerbaijan (SOCAR) and spoke of the country`s huge natural gas deposits.

The 7th OPEC International Seminar also heard speeches by OPEC Secretary General Mohammad Sanusi Barkindo, UAE Minister of Energy and Industry and President of the OPEC Conference Suhail Mohamed Al Mazrouei, Qatar's Minister of Energy and Industry Mohammed bin Saleh Al Sada, Minister of Petroleum of Bolivarian Republic of Venezuela Manuel Salvador Quevedo Fernández and Nigerian oil minister Emmanuel Ibe Kachikwu.

Azerbaijan’s Energy Minister Parviz Shahbazov will also attend the 9th meeting of the OPEC/Non-OPEC Joint Ministerial Monitoring Committee and the 4th meeting of the ministers of OPEC and non-OPEC countries on June 23.