SOCAR reveals volume of profit oil from ACG (UPDATE)

Details added (first version posted on 09:40)

Baku, Azerbaijan, June 4

By Maksim Tsurkov - Trend:

The volume of oil produced from Azeri-Chirag-Guneshli block of oil and gas fields in Azerbaijan from November 1997 to the present day is 368 million metric tons, Khoshbakht Yusifzade, first vice-president of the State Oil Company of Azerbaijan said June 4.

He added that 200 million metric tons of this volume accounts for Azerbaijan's profit oil.

Yusifzade made the remarks during the 22nd international Caspian Oil and Gas Exhibition and Conference in Baku.

"During the same period, the volume of associated gas production at ACG stood at 109 billion cubic meters," he said, adding that the daily production [from the block of fields] is 90,000 metric tons of oil and 34 million cubic meters of gas.

SOCAR's first vice president said that of 373 million metric tons of oil exported by Azerbaijan, 271 million metric tons was exported via Baku-Tbilisi-Ceyhan pipeline.

Yusifzade added that 62 billion cubic meters of gas and 16 million metric tons of condensate has been produced at Shah Deniz gas and condensate field since the beginning of its operation.

"Currently, the total volume of Azerbaijani gas export to Turkey is 34 billion cubic meters, while 4.6 billion cubic meters is exported to Georgia," he said.

Currently, the total proven oil and gas reserves in Azerbaijan near 2 billion metric tons and 2.6 trillion cubic meters respectively, while the projected reserves near 6 billion cubic meters of gas and 4 billion metric tons of oil, according to Yusifzade.

The contract for development of ACG field was signed in 1994. The proven oil reserve of the block nears 1 billion metric tons.

The shareholders of the project are: BP (operator in the Azeri-Chirag-Guneshli) - 35.78 percent, Chevron - 11.27 percent, Inpex - 10.96 percent, AzACG - 11.65 percent, Statoil - 8.56 percent, Exxon - 8 percent, TPAO - 6.75 percent, Itocu - 4.3 percent and ONGC - 2.72 percent.

Edited by SI

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Follow the author on Twitter: @MaksimTsurkov

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