SOCAR says Azerbaijan’s profit oil to further increase
Baku, Azerbaijan, June 2
By Maksim Tsurkov – Trend:
Out of the total crude output of the Azeri-Chirag-Gunashli (ACG) block, 240 million tons is profit oil, said first vice-president of Azerbaijan’s state oil company SOCAR, Khoshbakht Yusifzade.
He made the remarks during the 24th International Caspian Oil & Gas Exhibition and Conference 2017 in Baku June 2.
“Azerbaijan’s profit oil will continue to increase,” he said.
Yusifzade noted that 428.4 million tons of oil and 133 billion cubic meters of associated gas were produced at the ACG from November 1997 to June 2017.
Out of 448 million tons of oil exported by Azerbaijan, 333 million tons accounted for export via the Baku-Tbilisi-Ceyhan pipeline, he added.
A contract for developing the ACG field was signed in 1994. The proven oil reserve of the block nears 1 billion tons. 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).