Azerbaijan’s ACG project produces 165 million tons of profitable oil

To date 318 million tons of oil have been produced under the project for the development of the Azeri-Chirag-Guneshli (ACG) oil and gas fields in the Azerbaijani sector of the Caspian Sea, SOCAR First Vice-President on Geology, Geophysics and Mining Khoshbakht Yusifzadeh said at a seminar on Wednesday, organized in the framework of Days of Norway in Azerbaijan.

According to him, 88.7 billion cubic meters of gas was produced in the block during the reported period.

Currently the average daily production of oil in the block constitutes 90,000 tons of oil and 35 million cubic meters of gas. The volume of profitable oil from the ACG block constitutes 165 million tons. According to the SOCAR vice-president, the proven oil reserves of Azerbaijan constitute two billion tons and estimated reserves stand at four billion tons.

The contract for development of Azeri-Chirag-Guneshli large offshore field was signed in 1994. Shares are distributed as follows: BP (operator in Azeri-Chirag-Guneshli) - 35.78 %, Chevron - 11.27 %, Inpex - 10.96 %, AzACG - 11.65 %, Statoil - 8.56 %, Exxon - 8 %, TPAO - 6.75 %, Itochu - 4.3 % and ONGC - 2.72 %. (Trend)