New oil era in Azerbaijan

Azerbaijan can gain from $27 to $67 billion by the development of the offshore oilfields Azari-Shirak-Gyunazli and Shakh-Deniz and by the construction of the Baku-Tbilisi-Ceyhan oil pipeline depending on oil prices, said British Petroleum Azerbaijan President David Woodword.

According to him, we witness a new oil era in Azerbaijan. The oil and gas sector of Azerbaijan's economy has reached great progress in the last ten years and this progress coincided with the country's prominent political and economic achievements, Mr. Woodword noted.

In his words, Azerbaijan has already gained $860 million by oil exports and is to get $200 million this year.

"In 2005-2010 Baku's incomes will grow up to $5 billion if the Azari-Shirak-Gyunazli oilfield works at its full capacity, David Woodword added.