SOCAR reveals monthly production volume at Azeri-Chirag-Guneshli block

Economy Materials 18 September 2014 17:41 (UTC +04:00)

Baku, Azerbaijan, Sept.18

By Emil Ismayilov - Trend:

Around 2.6 million metric tons of oil is produced from 76 wells at Azeri-Chirag-Guneshli block of oil and gas fields per month, the First Vice-president of SOCAR for Geology, Geophysics and Field Development, Khoshbakht Yusifzadeh said in his interview with 'SOCAR plus' magazine.

He went on to add that some 1.5 billion cubic meters of gas is produced at the block per month.

The major part of the gas produced at the block is injected into the reservoir to maintain the pressure, and another part of the gas is transmitted to SOCAR by BP, the operator for the development of ACG.

The contract on the development of the major Azeri-Chirag-Guneshli offshore field was signed in 1994 for the period of 30 years. The proven oil reserve of block is estimated at about one billion metric tons.

The shares in the contract are distributed as follows: BP (operator in the Azeri-Chirag-Guneshli) - 35.78 percent, Chevron - 11.27 percent, Inpex - 10.96 percent, AzACG - 11.65 percent, Statoil - 8.56 percent, Exxon - 8 percent, TPAO - 6.75 percent, Itocu - 4.3 percent and ONGC - 2.72 percent.

Edited by CN