Azerbaijan to invest $60 billion in oil and gas sector

Azerbaijan is to invest $60 billion in the exploration, development
and transportation of hydrocarbon resources on terms of contracts with
foreign companies, reports APA. There are 31 contracts, 14 of which
are in operation, said the vice-president of the Azerbaijani State Oil
Company Hoshbaht Yusifzade. The full development of the
Azeri-Chirag-Gyuneshli filed and exploration of new field in the
Azerbaijani part of the Caspian Sea will allow the increase of oil
extraction rates by up to 60 million tons by 2015, he added.