Over half of profitable oil produced at ACG accounts for Azerbaijan (UPDATE)
Details added (first version posted on 15:57)
Baku, Azerbaijan, Oct. 14
By Maksim Tsurkov - Trend:
As much as 381 million tons of oil have been produced to date starting from November 1997 at the Azeri-Chirag-Guneshli (ACG) block of oil and gas fields in the Azerbaijani sector of the Caspian Sea, 208 million tons of which accounted for Azerbaijani profitable oil, vice president of the State Oil Company of Azerbaijan (SOCAR) Khoshbakht Yusifzade said.
He made the remarks Oct.14 at a meeting with members of the Caspian European Club, the largest and dynamically developing regional organization.
He said that 23.5 million tons of oil were produced at the ACG in January-September 2015.
"Some 15.5 million tons of this amount account for profitable oil," Yusifzade said. "This represents approximately 66 percent of total production, which is a good indicator. We will increase this figure to 75-80 percent in the future."
The contract for development of ACG field was signed in 1994. The proved oil reserves at these fields are estimated at approximately 1 billion metric tons. The shareholders of the project are: 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.
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