Azerbaijan produces 428.4M tons of oil from ACG
Baku, Azerbaijan, June 1
By Maksim Tsurkov – Trend:
Azerbaijan has produced 428.4 million tons of oil from the Azeri-Chirag-Gunashli (ACG) block of oil and gas fields in the Caspian Sea since November 1997, said Khoshbakht Yusifzade, first vice president of Azerbaijan’s state oil company SOCAR.
He made the remarks during the 24th Caspian International Oil and Gas Conference in Baku June 1.
He added that investments and operating costs for the entire period of the ACG’s development have exceeded $42 billion.
A contract for developing the ACG field was signed in 1994. The proven oil reserve of the block nears 1 billion tons.
The shareholders of the project are BP (operator, 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), Itocu (4.3 percent) and ONGC (2.72 percent).
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