SOCAR discloses daily production volumes at ACG block

Baku, Azerbaijan, Sept. 27

By Maksim Tsurkov – Trend:

Daily 78,000 tons of oil are produced at the Azeri-Chirag-Gunashli (ACG) block of oil and gas fields in the Azerbaijani sector of the Caspian Sea, Bahram Huseynov, vice-president for geology and geophysics of Azerbaijan’s state oil company SOCAR, said in the article published in the special issue of the country’s Iki Sahil newspaper.

Huseynov added that 33 million cubic meters of gas are produced at the ACG block daily.

Most of the gas produced at the block is pumped into the reservoir to maintain pressure. BP company, which is the ACG operator, provides SOCAR with the rest gas.

From the beginning of development and until September 1, 2017, 435.6 million tons of oil and 136.3 billion cubic meters of gas were produced at the ACG block.

A contract for developing the ACG field was signed in 1994. 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), ITOCHU (4.3 percent) and ONGC Videsh Limited (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.