Oil and gas production indicators of Azeri-Chirag-Guneshli announced

Baku, Azerbaijan, May 8
By Emil Ismayilov - Trend:

Some 333.6 million tonnes of oil has been extracted since the start of development of the Azerbaijani offshore "Azeri-Chirag-Guneshli" oil and gas field.

The first vice-president of the State Oil Company of Azerbaijan, Khoshbakht Yusifzadeh made the remarks in "Respublika" newspaper.

Some 95.5 billion cubic meters of gas has been produced since the beginning of the ACG block development, he said.

At present, 2.8 million tonnes of oil and 1.1 billion cubic meters of gas is extracted from the 77 wells in the ACG monthly.

As of May 1, some 177.2 million tonnes of Azerbaijani profit oil was sold in the world market, which was produced through the development of ACG block.

"The volume of Azerbaijan's profit oil increases annually. Only in 2013, some 22.5 million tonnes (68.8 percent) out of 32.7 million tonnes of produced oil was accounted for profit oil of Azerbaijan," Yusifzadeh said.

The contract for development of Azeri-Chirag-Guneshli large offshore field was signed in 1994. The proven oil reserves at the block make up about 1 billion cubic meters.

Shares are distributed as follows: BP (operator in Azeri-Chirag-Guneshli) - 35.78 percent, Chevron - 11.27 percent, Inpex - 10.96 percent, AzACG - 11.65 percent, Statoil - 8.56 percent, Exxon - eight percent, TPAO - 6.75 percent, Itochu - 4.3 per ent and ONGC - 2.72 percent.

Translated by S.I.
Edited by S.I.