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SOCAR discloses expected output at Azeri-Chirag-Guneshli in 2017

Oil&Gas Materials 16 October 2017 16:24 (UTC +04:00)

Baku, Azerbaijan, Oct.16

By Leman Zeynalova – Trend:

The average daily oil production at Azeri-Chirag-Guneshli (ACG) block of oil and gas fields in the Azerbaijani sector of the Caspian Sea is expected at 584,000 barrels as of 2017, high-ranking representative of Azerbaijan’s state oil company SOCAR told Trend.

“Production plans approved by SOCAR as well, are being implemented successfully. It is expected that as of 2017, the average daily production at ACG will stand at 584,000 barrels of oil,” said SOCAR representative.

The contract for developing the ACG field was signed in 1994. The field’s oil reserve is estimated at around 1 billion tons.

Shareholders of the project are BP (operator) - 35.78 percent, Chevron - 11.27 percent, INPEX - 10.96 percent, AzACG (SOCAR) - 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 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.

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