Baku, Azerbaijan, Sept. 19
By Maksim Tsurkov – Trend:
From the beginning of first oil production in November 1997 and until September 1, 2017, 435.6 million tons of oil and 136.3 billion cubic meters of associated gas were produced in the Azeri-Chirag-Gunashli (ACG) block of oil and gas fields in the Caspian Sea, Khoshbakht Yusifzade, first vice-president of Azerbaijan’s state oil company SOCAR, said in an article, published in the country’s Respublika newspaper, Sept. 19.
Yusifzade added that 245 million tons of the total volume of oil produced at ACG account for Azerbaijan's profitable oil.
"As of September 1, 2017, 340 million tons out of 456 million tons of oil exported by Azerbaijan to the world markets accounted for the export via the Baku-Tbilisi-Ceyhan (BTC) pipeline," the article says.
A contract for developing the ACG field was signed in 1994. The oil reserves of the block reach around 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).
The signing ceremony of a new contract on development of ACG block of oil and gas fields was held in Baku Sept. 14.
Following the ratification of the contract, the new ACG participating interests will be as follows: BP - 30.37 percent; AzACG (SOCAR) - 25.00 percent; Chevron - 9.57 percent; INPEX - 9.31 percent; Statoil - 7.27 percent; ExxonMobil - 6.79 percent; TP - 5.73 percent; ITOCHU - 3.65 percent; and ONGC Videsh Limited (OVL) - 2.31 percent.