Azerbaijan increases number of wells at ACG block
Baku, Azerbaijan, Aug. 22
By Azad Hasanli – Trend:
The Azeri-Chirag-Guneshli (ACG) block of oil and gas fields in the Azerbaijani sector of the Caspian Sea completed nine oil-producing wells, three water injection wells and one gas injector well during the first half of 2016, BP report said Aug. 22.
At the end of June, 102 oil wells were producing, while 43 wells were used for gas or water injection, according to the report.
BP Azerbaijan is an operator of ACG block of oil and gas fields, where the Azeri Light oil is being produced.
In the first half of 2016, Azerbaijan produced over 119 million barrels or 16 million tons of oil, which is the same as in Jan.-June 2015, according to the report.
Azerbaijan produced 31.3 million tons of Azeri Light oil in 2015 versus 31.5 million tons in 2014.
The contract for development of the ACG block of fields was signed in 1994. The proven oil reserve of the block nears one billion tons.
The shareholders of the project are: BP - 35.78 percent, Chevron - 11.27 percent, Inpex - 10.96 percent, AzACG - 11.65 percent, Statoil - 8.55 percent, Exxon - 8 percent, TPAO - 6.75 percent, Itochu - 4.3 percent and ONGC - 2.72 percent.