Production of Azeri Light oil hits 166mln tons
Azerbaijan, Baku, Sept. 15 / Trend /
Over 166 million tons of light oil was produced from the Azerbaijani oil field "Azeri-Chirag-Guneshli", which is included in the top ten on recoverable reserves, from November 1997 to late August 2009.
The contract was signed on Sept. 20, 1994 to develop this field. This year, Azerbaijan marks a 15-year anniversary of the Contract of the Century.
By Sept. 15, 2009, the Turkish port of Ceyhan shipped 884 tankers with crude oil, produced at the Azeri-Chirag-Guneshli and delivered via the Baku-Tbilisi-Ceyhan oil pipeline, reported BP Azerbaijan, the operator on the development of the field.
The BP document noted that the total investment in the "Azeri-Chirag-Guneshli" project exceeded $20 billion in late 2008. In 2008, Azerbaijan gained $14.4 billion profit from the development of Azeri-Chirag-Guneshli, and total profits amounted to nearly $23 billion.
The sides to the production sharing agreement on the Azeri-Chirag-Gunashli fields are BP (operator- 34.14 percent), ChevronTexaco (10.2 percent), SOCAR (10 percent), INPEX (10 percent), Statoil Hydro (8.56 percent), ExxonMobil (8.01 percent), TPAO (6.75 percent), Devon (5.63 percent), Itochu (3.92 percent) and Delta Hess (2.72 percent). Required investments total $20 billion.
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