Baku, Azerbaijan, April 22
By Sara Israfilbayova - Trend:
Until 2049, there are plans to produce another three billion barrels of oil at the Azeri-Chirag-Guneshli (ACG) block of fields in the Caspian Sea, BP Azerbaijan Vice President Bakhtiyar Aslanbayli said, Trend reports April 22.
He announced these figures at the 4th SOCAR International Caspian and Central Asia Downstream Forum on Trading, Logistics, Refining and Petrochemicals in Baku. In his words, during the signing of the “Contract of the Century”, the field’s reserves were estimated at 511 million tons of oil, and 474 million tons of this volume were already produced.
He continued by saying, “Until today, $36 billion have been invested in the development of the ACG block, and 3.5 billion barrels of oil have been produced." In addition, 44 billion cubic meters of associated gas were collected and transferred to the Azerbaijani state.
"A powerful infrastructure has been created in the Caspian Sea region. It includes the Sangachal terminal, which is one of the biggest oil and gas terminals in the world,” Bakhtiyar Aslanbayli added.
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.
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.
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