SOCAR: Nearly 50 per cent of oil from ACG fields account for Azerbaijan
Azerbaijan, Baku, June 7 / Trend, E.Ismayilov /
Some 272 million tons of oil have been produced since the development of the block of oil and gas fields at Azeri-Chirag-Guneshli (ACG), first vice-president of the State Oil Company of Azerbaijan (SOCAR) Khoshbakht Yusifzadeh announced at the 19th International Caspian Oil & Gas Exhibition and Conference in Baku on Thursday.
He said 134 million tons of the total volume produced at ACG accounted for profitable oil from Azerbaijan.
"Within the first five months of 2012, 15 million tons of oil was produced from the fields' block, 9.4 million tons of which accounted for Azerbaijan," Yusifzadeh said.
Over the past few years, according to Yusifzadeh, two new gas-condensate fields at- Umid with reserves of 200 billion cubic meters of gas and 40 million tons of condensate and Absheron with gas reserves of 350 billion cubic meters and 45 million tons of condensate were opened in the Azerbaijani sector of the Caspian Sea.
Under the PSA contracts, signed in Azerbaijan from 1996 to 2011, 34 wells were drilled with a total drilling drifting of 159,000 metres. As a result, Azerbaijan's proven hydrocarbon reserves are estimated at more than 2.7 billion tons of standard fuel.
ACG participating interests are: BP (operator - 35.8 per cent), Chevron (11.3 per cent), SOCAR (11.6 per cent), INPEX (11 per cent), Statoil (8.6 per cent), ExxonMobil (8 per cent), TPAO (6.8 per cent), ITOCHU (4.3 per cent) and Hess (2.7 per cent).