ACG completes 8 producer wells in Q3 2018

Oil&Gas Materials 21 November 2018 13:42 (UTC +04:00)

Baku, Azerbaijan, Nov.21

By Leman Zeynalova - Trend:

Drilling of 8 oil producer wells and 3 water injectors have been completed at Azerbaijan’s Azeri-Chirag-Gunashli (ACG) block of offshore oil and gas fields by the end of the third quarter of 2018, BP said in its report on Q3 2018 results.

At the end of September, 112 oil wells were producing, while 53 wells were used for water and gas injection, said the report.

Azerbaijan’s State Statistical Committee has said that more than 29 million tons of oil and gas condensate has been produced in Azerbaijan in January-September 2018, or 0.7 percent more than in the same period in 2017.

The major part of oil production in Azerbaijan accounts for ACG. Around 15 million tons of light oil was produced at the block in the first half of 2018, which is by approximately 1 million tons more than in the same period in 2017.

This is while 38.78 million tons of oil and gas condensate was produced in Azerbaijan in 2017, or 5.5 percent less than in 2016. Azeri Light oil accounted for 29 million tons of production in 2017, as compared to 31.1 million tons in 2016.

The 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.

ACG participating interests are: BP (30.37 percent), SOCAR (25.0 per cent), Chevron (9.57 percent), INPEX (9.31 percent), Equinor (7.27 percent), ExxonMobil (6.79 percent), TPAO (5.73 percent), ITOCHU (3.65 percent), ONGC Videsh Limited (OVL) (2.31 percent).


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