Contract Of The Century (Azerbaijan)
The petroleum industry in Azerbaijan produces about of oil per day and 29 billion cubic meters of gas per year as of 2013. Azerbaijan is one of the birthplaces of the oil industry. The State Oil Company of Azerbaijan Republic (known as SOCAR) is fully state-owned national oil and gas company headquartered in Baku, Azerbaijan. SOCAR is a major source of income for the government of Azerbaijan. The company is run in an opaque manner, as it has complex webs of contracts and middlemen that non-government watchdog organizations say have led to the enrichment of the country's ruling elites. First oil boom In 1871, Ivan Mirzoev, an ethnic Armenian who was then an ''otkupchina'' monopolist, built the first wooden oil derrick followed by another the next year. Drilling was conducted primitively with a balance arm, whim and manual pump. Early history There is evidence of petroleum being used in trade as early as the 3rd and 4th centuries. Information on the production of oil ...
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