Azerbaijan, Baku, Sept. 19 / Trend E. Ismayilov /
SOCAR together with foreign partners produced about 25 per cent of the total volume of recoverable oil reserves on the block of oil and gas fields "Azeri-Chirag-Guneshli" in the Azerbaijani sector of the Caspian Sea, SOCAR deputy vice-president on Marketing and Economic Operations Vitaly Beylarbeyov told media today.
He added that the oil reserves of the block are estimated at 1.2 billion tons, of which more than 280 million tons have already been extracted. Around 75 percent of the recoverable reserves left for production in the coming years.
The contract was signed in 1994 to develop the large offshore field "Azeri-Chirag-Guneshli".
The shareholders of BTC are BP (30.1 percent), AzBTC (25 percent), Chevron (8.90 percent), Statoil (8.71 percent), TRAO (6.53 percent), Eni (5 percent), Total (5 percent), Itochu (3.40 percent), Inpex (2.50 percent), ConocoPhilips (2.50 percent) and Hess (2.36 percent) (sells its share to Indian ONGC, the transaction will be completed in the first quarter of 2013).