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Number of producer wells at largest oil field of Azerbaijan increases

Oil&Gas Materials 1 August 2018 22:10 (UTC +04:00)

Baku, Azerbaijan, Aug. 1

By Ilkin Shafiyev - Trend:

ACG completed 6 oil producer wells and 2 water injectors in the first half of 2018, BP said in its report on activity in Azerbaijan.

As of July 1, 2018, 116 oil wells were producing, while 53 wells were used for gas and water injection at the ACG block of fields, the report says.

More than 19.34 million tons of oil and gas condensate were produced in Azerbaijan in January-June 2018, according to the State Statistics Committee, which is 1 percent more than in the same period of 2017.

The main volume of oil production in Azerbaijan falls on the Azeri-Chirag-Gunashli block of oil and gas fields. Some 15 million tons of light oil were produced at the block in the first half of the year, which is about one million tons more than the production in the same period last year.

A contract for the development of the ACG block was signed in 1994. On September 14, 2017, a new agreement on the development of the ACG block until 2050 was signed in Baku.

The share participation in the project is as follows: BP (operator) – 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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