Investments in ACG Exceed $18bln
Azerbaijan, Baku, 6 June / Trend / The investments in the Azeri-Chirag-Gunashli (ACG) amount roughly $18.4bln, Khoshbakht Yusifzade, the SOCAR First Vice President for geology, geophysics and exploration, said.
At present, the recoverable reserves of ACG amounts 925mln tons oil and 280bln cu m gas. While signing the Production Sharing Agreements (PSA) on these fields in 1994, the recoverable reserves of ACG were estimated at 511mln tons oil and 160bln cu m gas.
At present, daily production from 46 wells on the platforms installed on Chirag, Central, West and East Azeri fields and Deepwater Gunashli constitutes over 800,000 barrels (110,000 tons) oil per day and approximately 29mln cu m gas per day.
Since the beginning of development in November 1997 until now, production from these fields made up 123mln tons oil and over 26bln cu m gas, Yusifzade said.
The implementation of the ACG Full Field Development Program, as well as possible opening of new oil condensate deposits in Azerbaijan, first in the Azerbaijani section of the Caspian, enables to forecast considerable rise in oil production in Azerbaijan in the near future, which is expected to reach 66-67mln tons in 2010-2015, Yusifzade.
The SOCAR Vice President said that at present 4 wells are under the exploitation in the Shah Deniz field and daily debit of these wells is some 19mln cu m gas and 4,500 tons condensate.
The fifth well is being drilled. TPG-500 platform, installed on the platform, is designed for 12-14 exploitation wells; whilst 3-5 wells more will be drilled through water injection.
Since the beginning of the Shah Deniz field development in 2006, so far the oil production made up 5.9bln and gas production 1.6mln tons of condensate.