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BP reveals total value of investments in projects in Azerbaijan

Oil&Gas Materials 14 December 2018 18:07 (UTC +04:00)

Baku, Azerbaijan, Dec. 14

By Sara Israfilbayova - Trend:

Since 1995, the total value of investments in the implementation of the Azeri-Chirag-Gunashli (ACG), Shah Deniz, Baku-Tbilisi-Ceyhan (BTC) oil pipeline and the South Caucasus Pipeline projects totaled $69 billion, reads a BP in Azerbaijan Sustainability Report 2017, Trend reports.

From 1997 to 2017, 3.3 billion barrels of oil were extracted from the ACG field, while from 2006 to 2017, 89 billion cubic meters of gas were extracted from the Shah Deniz field.

From the start of the launch until today, a total of 2.87 billion barrels of crude oil (about 383 million tons), loaded on 3,758 tankers and shipped to world markets, were transported via the BTC pipeline with a length of 1,768 kilometers.

The pipeline’s throughput capacity is 1.2 million barrels per day.

The report further reads that the total investment value in the implementation of projects at the ACG, Shah Deniz fields, construction of the BTC oil pipeline and the South Caucasus Pipeline amounted to $37.576 billion for 2013-2017.

Nine drilling rigs and two mobile offshore rigs are involved in BP operations in Azerbaijan.

BP Azerbaijan is the operator of the Shah Deniz and ACG fields.

A contract for development of ACG was signed in 1994. A new contract for development of the ACG block until 2050 was signed in Baku Sept. 14, 2017.

A contract for development of Shah Deniz field was signed June 4, 1996.

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Follow the author on Twitter: @IsrafilbekovaS

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