Azerbaijan reveals Azeri Light output volume in 2017

Baku, Azerbaijan, Feb. 16

By Maksim Tsurkov – Trend:

Azerbaijan produced 29 million tons of Azeri Light oil in 2017 as compared to 31.1 million tons in 2016, BP Azerbaijan said in a report on its activity in the country for 2017.

BP Azerbaijan operates the development of the Azeri-Chirag-Gunashli (ACG) block of oil and gas fields, where the Azeri Light oil is produced.

In 2017, ACG continued to safely and reliably deliver stable production. Total ACG production for the year was on average 588,000 barrels per day (b/d) (about 215 million barrels or 29 million tons in total) from the Chirag (51,000 b/d), Central Azeri (137,000 b/d), West Azeri (124,000 b/d), East Azeri (82,000 b/d), Deepwater Gunashli (117,000 b/d) and West Chirag (77,000 b/d) platforms.

Azerbaijan produced over 31.1 million tons of Azeri Light oil in 2016, as compared to 31.3 million tons in 2015.

In 2017, more than $456 million in operating expenditure and about $1.176 billion in capital expenditure were spent on ACG activities.

A contract for development of ACG block of oil and gas fields was signed in 1994. A ceremony to sign a new contract on development of the ACG block of oil and gas fields 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.

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