Azeri-Chirag-Gunashli remains leading oil producer in Azerbaijan (UPDATE)

Economy Materials 31 May 2019 12:04 (UTC +04:00)

Details added (first version posted on 11:17)

Baku, Azerbaijan, May 31

By Sara Israfilbayova - Trend:

To date, 483 million tons of oil and 157 billion cubic meters of gas have been extracted from the Azeri-Chirag-Gunashli field (ACG), Khoshbakht Yusifzade, first vice-president of the Azerbaijani state oil company SOCAR, said.

Yusifzade made the remarks at the 26th International Caspian Oil & Gas Conference in Baku on May 31, Trend reports.

He stressed that 280.4 million tons of the extracted oil accounted for Azerbaijani profitable oil, which make up 58 percent of the total volume.

“Until 2050, 500 more million tons of oil are planned to be extracted from the field,” Yusifzade said.

While speaking about the importance of the Baku-Tbilisi-Ceyhan (BTC) oil pipeline, he stressed that out of 508 million tons of Azerbaijani oil, which were supplied to the foreign markets so far, 383 million tons accounted for BTC.

The Caspian Oil and Gas conference, which kicked off on May 30, is underway at the Bilgah Beach Hotel.

The heads of the companies involved in the energy sector, who discuss the key oil and gas projects of the Caspian region and energy security, are participating in the conference.