Baku, Azerbaijan, Sept. 21
By Maksim Tsurkov – Trend:
BP-led ACG Consortium will drill 279 wells at the Azeri-Chirag-Gunashli (ACG) block of oil and gas fields in the Caspian Sea until 2050, Khoshbakht Yusifzade, first vice-president of Azerbaijani state oil company SOCAR, said in an article published in a special issue of the Iki Sahil newspaper.
A new agreement for the development of the ACG block of fields until 2050 was signed on Sept. 14 in Baku.
Yusifzade noted that the entire associated gas to be produced in further development of the block will be given to Azerbaijan.
“Another 500 million tons of oil will be produced from ACG until 2050. For this purpose, 279 more wells will be drilled, 64 of which will be bored from a new platform,” he said.
Yusifzade added that 215 wells have been drilled since the beginning of ACG development, 148 of which are production wells, 55 are water injection wells, eight are gas injection wells and four are mud injection wells.
A contract for developing the ACG block of fields 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).
Once the Azerbaijani parliament ratifies the new ACG agreement, the participating interests will be as follows: BP - 30.37 percent; AzACG (SOCAR) - 25 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; ONGC Videsh Limited (OVL) - 2.31 percent.