Volume of production at ACG oil & gas block announced

Oil&Gas Materials 28 December 2018 17:14 (UTC +04:00)

Baku, Azerbaijan, Dec. 28

By Sara Israfilbayova - Trend:

To date, the total production at the Azeri-Chirag-Gunashli (ACG) block of oil and gas fields in the Azerbaijani sector of the Caspian Sea amounts to about 474 million tons of oil and about 153 billion cubic meters of gas.

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 percent), 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 (2.31 percent).

Oil reserves of the block amount to more than one billion tons.

In January-September 2018, 22 million tons of oil were produced at the ACG block (about 161 million barrels).

Presently, daily oil production at ACG is about 588,000 barrels.


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