Baku, Azerbaijan, April 23
By Maksim Tsurkov – Trend:
From the beginning of production at the Azeri-Chirag-Gunashli (ACG) block of oil and gas fields in the Caspian Sea in November 1997 to April 1, 2018, 56.6 percent of the total volume produced at the ACG accounted for the share of Azerbaijan’s profitable oil, Khoshbakht Yusifzade, first vice-president of Azerbaijan’s state oil company SOCAR, said.
He was speaking at the 3rd SOCAR International Caspian and Central Asia Downstream Forum on Trading, Logistics, Refining and Petrochemicals in Baku April 23.
Yusifzade noted that 256 million tons out of 453 million tons of oil produced at the ACG accounted for the share of Azerbaijan’s profitable oil.
He added that the share of Azerbaijan’s profitable oil will continue to rise.
He also noted that $43 billion have been invested in the development of the ACG block so far, and the same amount will be invested as part of the new agreement on the block’s development.
A contract for developing the ACG field 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.
---
Follow the author on Twitter: @MaksimTsurkov