Azerbaijan's real gross domestic product (GDP) has grown strongly in recent years, driven by growth in oil and gas production. The hydrocarbon sector accounted for 50.2 % of GDP in 2011. Major projects such as the Baku-T’bilisi-Ceyhan pipeline (BTC), Azeri-Chirag-Guneshli (ACG) and the Shah Deniz (SD) contribute significantly to government revenues. The State Oil Fund of the Republic of Azerbaijan (SOFAZ) is one of the central components of the strategy for managing these revenues. In 2011, 97% of SOFAZ’s revenues came from profit oil and gas sales. Azerbaijan's proven crude oil reserves are estimated at 7 billion barrels and oil production amounts to more than 1 million bbl/day. The State Oil Company of Azerbaijan Republic (SOCAR) plays a major role in oil and gas production, and in managing oil and gas imports and exports.
Azerbaijan’s 2013 workplan activities focus on preparation and publication of the 2012 EITI Report, preparations for the EITI global conference in Sydney, hosting of an EITI conference in Baku and adoption of the annual activity report for 2012. Apart from some delays in the MoU revision which is expected to be finalized in the first quarter of 2013, implementation is on track in accordance with the workplan.