BAKU, Azerbaijan, Nov.5
By Leman Zeynalova – Trend:
Total production at Azeri-Chirag-Gunashli (ACG) block of oil fields in the Azerbaijani sector of the Caspian Sea for the first nine months of 2019 was on average about 541,000 barrels per day (b/d) (about 148 million barrels or 20 million tonnes in total), Trend reports citing BP.
This is while in the same period of 2018, the total ACG production was on average 588,000 barrels per day (b/d) (about 161 million barrels or 22 million tonnes in total).
“During the first three quarters of the year, ACG continued to safely and reliably deliver stable production. Total ACG production for the first nine months of 2019 was on average about 541,000 barrels per day (b/d) (about 148 million barrels or 20 million tonnes in total) from the Chirag (41,000 b/d), Central Azeri (133,000 b/d), West Azeri (121,000 b/d), East Azeri (92,000 b/d), Deepwater Gunashli (95,000 b/d) and West Chirag (59,000 b/d) platforms,” reads the report released by BP on activities in the third quarter of 2019.
Moreover, BP said that at the end of the third quarter, 124 oil wells were producing, while 42 wells were used for water and seven for gas injection.
By the end of the third quarter, ACG completed nine oil producer wells, reads the report.
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 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.
Hungarian MOL Group has signed an agreement with Chevron Global Ventures Ltd and Chevron BTC Pipeline, Ltd to acquire their non-operated E&P and mid-stream interests in Azerbaijan, including a 9.57 percent stake in the Azeri-Chirag-Gunashli (ACG) oil field, and an effective 8.9 percent stake in the Baku-Tbilisi-Ceyhan (BTC) pipeline that transports the crude to the Mediterranean port of Ceyhan, for total consideration of USD 1.57 billion (subject to adjustments at closing).
The transaction remains subject to government and regulatory approvals and is expected to close by Q2, 2020.
---
Follow the author on Twitter: @Lyaman_Zeyn