Wiki: Petroleum Industry in Azerbaijan

On 13 June 1872 the largest oil gusher — "Vermishevsky" — blew on Balakhany field ".[3] Within three months, it had produced 90 million poods (averaging 2,600 barrels (410 m3) of oil per day). By 1878 Bibi-Heybat field had its first oil gusher.

As a result there was flurry of financial activity and various bank societies and organization were created