Azerbaijan’s oil output to reach 2 bln tons by late 2017 - SOCAR (UPDATE)
Headline changed, details added (first version posted at 12:27)
Baku, Azerbaijan, Apr. 25
By Leman Zeynalova – Trend:
As of April 1, 2017, 1.971 billion tons of oil was produced in Azerbaijan, said Khoshbakht Yusifzade, first vice president of Azerbaijan’s state oil company SOCAR.
He made the remarks Apr. 25 at the conference titled "The 2nd SOCAR International Caspian and Central Asia Downstream Forum – Trading, Logistics, Refining, Petrochemicals" in Baku.
“Of this amount, 971 million tons of oil was produced onshore and one billion tons was produced offshore. It is needed to produce additional 29 million tons to bring the production volume to two billion tons. According to the calculations, we will be able to achieve this by Nov. 25, 2017," Yusifzade said.
Since the beginning of the first oil production – from November 1997 to April 2017, 423.5 million tons of oil and 131 billion cubic meters of gas were produced from the Azeri-Chirag-Gunashli (ACG) block of fields, he noted.
As of April 1, 2017, 237 million tons of Azerbaijan’s profit oil was exported to the world markets, he added.
“During the reporting period, 443 million tons of oil was delivered from Azerbaijan to the world markets, and 328 million tons of this amount was delivered via the Baku-Tbilisi-Ceyhan pipeline,” Yusifzade said.
A contract for development of the ACG block of oil and gas fields was signed in 1994. The proven oil reserves of the block near one billion tons.
The shareholders in the project are BP (operator of the Azeri-Chirag-Guneshli, 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).