Number of ACG production wells up

Oil&Gas Materials 10 May 2017 21:39 (UTC +04:00)

Baku, Azerbaijan, May 10

By Maksim Tsurkov – Trend:

In the first quarter of 2017, five production wells and two water-injection wells were drilled on the Azeri-Chirag-Gunashli (ACG) block of fields, reads a BP report for the first quarter of 2017.

The report said that as of April 1, 2017, 107 production wells and 48 injection wells were in operation on the ACG.

Azerbaijan produced 31.1 million tons (more than 230 million barrels) of light oil in 2016 against 31.3 million tons in 2015.

A contract for development of 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-Gunashli, 35.8 percent), Chevron (11.3 percent), Inpex (11 percent), AzACG (11.6 percent), Statoil (8.55 percent), Exxon (8 percent), TPAO (6.75 percent), Itochu (4.3 percent) and ONGC (2.7 percent).