SOCAR: Volume of profitable oil in ACG project grows year on year

SOCAR: Volume of profitable oil in ACG project grows year on year

Azerbaijan, Baku, September 19 /Trend, E.Ismayilov/

Azerbaijan acquired around 162 million tons of profitable oil from 2006 to late August 2013 during the project for developing the Azer-Chirag-Guneshli (ACG) oil and gas field blocks in the Azerbaijani sector of the Caspian Sea, according to the article of Khoshbakht Yusifzade, SOCAR First Vice-President on Geology, Geophysics and Mining published in Respublika newspaper on Thursday.

According to the article, around 22.1 million tons of oil was produced in ACG in January-August, 2013, about 15 million falling to Azerbaijan's profitable oil.

The contract for development of Azeri-Chirag-Guneshli large offshore field was signed in 1994. Shares are distributed as follows: BP (operator in Azeri-Chirag-Guneshli) - 35.78 per cent, Chevron - 11.27 per cent, Inpex - 10.96 per cent, AzACG - 11.65 per cent, Statoil - 8.56 per cent, Exxon - 8 per cent, TPAO - 6.75 per cent, Itochu - 4.3 per cent and ONGC - 2.72 per cent.

Since the development of ACG, around 321 million tons of oil went to the world market, about 225 million tons was transported via the Azeri-Chirag-Guneshli oil pipeline, 64 million tons via Baku-Supsa oil pipeline, 12 million tons on Baku-Novorossiysk pipeline and 20 million tons on the railway.

"The volume of the profitable oil grows year on year," Yusifzade noted.

The total length of the pipeline BTC is 1768 kilometres of which 443 kilometres runs through Azerbaijan, 249 kilometres through Georgia and 1076 through Turkey.

Construction of the pipeline started in April 2003 and began flowing with oil on May 18 2005.

Stockholders of BTC Co established on August 2002 are BP (30.1 per cent), AzBTC (25 per cent), Chevron (8.9 per cent), Statoil (8.71 per cent), ТРАО (6.53 per cent), Eni (5 per cent), Total (5 per cent), Itochu (3.40 per cent), Inpex (2.5 per cent), ConocoPhillips (2.50 per cent) and ONGC (2.36 per cent).

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