Baku, Azerbaijan, Jan. 30
By Leman Zeynalova – Trend:
In 2017, 28.9 million tons of crude oil was produced at the Azeri-Chirag-Gunashli (ACG) block of oil and gas fields in the Azerbaijani sector of the Caspian Sea, 2.1 million tons less than in 2016, says an annual report of Azerbaijan’s Energy Ministry.
“The country produced 38.7 million tons of oil in 2017, 28.9 million tons of which accounted for ACG, 2.4 million tons - for Shah Deniz (condensate), and 7.4 million tons – for Azerbaijan’s state oil company SOCAR,” says the report.
A contract for developing the ACG field was signed in 1994. A ceremony to sign a new ACG contract was held in Baku Sept. 14, 2017.
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; ONGC Videsh Limited (OVL) - 2.31 percent.
---
Follow the author on Twitter: @Lyaman_Zeyn