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Azerbaijani Energy Ministry discloses volumes of oil extracted in 2019

Oil&Gas Materials 23 January 2020 18:51
Azerbaijani Energy Ministry discloses volumes of oil extracted in 2019

BAKU, Azerbaijan, Jan. 23

By Anastasia Savchenko – Trend:

About 528.4 million tons of oil (along with condensate) were extracted from the Azeri-Chirag-Gunashli (ACG) block of fields and Shah Deniz field since the date of commissioning the fields until January 1, 2020, Trend reports on Jan. 23 referring to the report of the Azerbaijani Ministry of Energy.

Some 500.4 million tons of oil accounts for ACG while 28 million tons of condensate - for Shah Deniz.

“The production of oil (along with condensate) amounted to about 37.5 million tons in 2019, which is 1.3 million tons less (by 3.5 percent) than in 2018 (38.8 million tons),” the report said.

Some 526.6 million tons of oil (along with condensate) were exported since the date of commissioning the fields until January 1, 2020.

“Some 31.2 million tons of oil (along with condensate) were exported in 2019,” the report said.

The contract for the development of the ACG block was signed in 1994. A new agreement on the development of the ACG block - until 2050 was signed in Baku on September 14, 2017.

The equity participation in the project is as follows: BP (operator) - 30.37 percent, AzACG (SOCAR) - 25 percent, Chevron - 9.57 percent, INPEX - 9.31 percent, Equinor - 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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