Azerbaijan reveals volume of oil output from ACG block
Baku, Azerbaijan, Nov. 1
By Maksim Tsurkov – Trend:
Azerbaijan has produced 438 million tons of oil and 138 billion cubic meters of associated gas from the Azeri-Chirag-Gunashli (ACG) block of oil and gas fields in the Caspian Sea since November 1997, Alakbar Abbasov, adviser to first vice president of Azerbaijan’s state oil company SOCAR, said.
Abbasov made the remarks Nov. 1 at the SPE’s 4th annual Caspian Technical Conference and Exhibition in Baku.
He added that 246 million tons of the produced oil accounted for profitable oil.
“Of 459 million tons of oil exported by Azerbaijan, 342 million tons accounted for the export via the Baku-Tbilisi-Ceyhan pipeline,” Abbasov added.
On Oct. 31, Azerbaijan’s Parliament ratified the new agreement on the development of the Azeri-Chirag-Gunashli (ACG) block of oil and gas fields in the Azerbaijani sector of the Caspian Sea.
The new ACG participating interests are 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.
The agreement will remain in power until December 31, 2049.