Azerbaijan reveals volume of oil output from its biggest offshore block

  04 January 2018    Read: 3286
Azerbaijan reveals volume of oil output from its biggest offshore block
From the beginning of production at the Azeri-Chirag-Gunashli (ACG) block of oil and gas fields in the Caspian Sea in November 1997 to December 1, 2017, 445 million tons of oil and 140 billion cubic meters of associated gas were produced, says an article by Khoshbakht Yusifzade, first vice-president of Azerbaijan’s state oil company SOCAR, published by the official "Respublika" newspaper.
Yusifzade noted that 250 million tons (56 percent) of the total volume produced at the ACG accounts for the share of Azerbaijan’s profitable oil.

“As of December 1, 2017, 350 million tons out of 460 million tons of oil exported by Azerbaijan to the world markets accounted for the export via the Baku-Tbilisi-Ceyhan (BTC) pipeline,” says the article.

A contract for developing the ACG field was signed in 1994. A ceremony to sign a new contract on development of the ACG block of oil and gas fields was held in Baku Sept. 14, 2017.

The new ACG participating interests are as follows: BP - 30.37 percent; AzACG (SOCAR) - 25 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; ONGC Videsh Limited (OVL) - 2.31 percent.

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