The "Contract of the Century", ACG and Shah Deniz

On 20 September 1994 an agreement on the joint development of the deep-water Azeri, Chirag and Gunashli fields was signed in Baku. Involving major oil companies from several countries, it became known as the "Contract of the Century", and the date is now Oil Workers' Day.

In 1999 the giant Shah Deniz gas-condensate field was discovered deep beneath the Caspian, with production starting in 2006. Output from both fields passes through the Sangachal terminal near Baku into export pipelines.