Aliyev Announces Possibility of Azerbaijan's Second Oil Boom

Azerbaijan may experience a second major 'oil boom' in its history, stated President Ilham Aliyev while responding to questions from business representatives of various countries during the annual meeting of the World Economic Forum in Davos.

“We are increasing natural gas production and reducing oil production, but we have plans to stabilize oil production. It is still early to talk about it, but we have justified hopes that we can experience a second, very significant 'oil boom' in Azerbaijan if the exploration projects carried out by international energy companies yield good results,” Aliyev said.

Azerbaijan's first 'oil boom' occurred in the late 19th and early 20th centuries when Baku became one of the world's centers of oil production.