"As of September 1, 2017, 340 million tons out of 456 million tons of oil exported by Azerbaijan to the world markets accounted for the export via the Baku-Tbilisi-Ceyhan (BTC) pipeline," the article says.
A contract for developing the ACG field was signed in 1994. The oil reserves of the block reach around 1 billion tons. Shareholders of the project are BP (operator, 35.78 percent), Chevron (11.27 percent), Inpex (10.96 percent), AzACG (11.65 percent), Statoil (8.55 percent), Exxon (8 percent), TPAO (6.75 percent), Itocu (4.3 percent) and ONGC (2.72 percent).
The signing ceremony of a new contract on development of ACG block of oil and gas fields was held in Baku Sept. 14.
Following the ratification of the contract, the new ACG participating interests will be as follows: BP - 30.37 percent; AzACG (SOCAR) - 25.00 percent; Chevron - 9.57 percent; INPEX - 9.31 percent; Statoil - 7.27 percent; ExxonMobil - 6.79 percent; TP - 5.73 percent; ITOCHU - 3.65 percent; and ONGC Videsh Limited (OVL) - 2.31 percent.
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