2020 forecast for oil production at Azeri-Chirag-Gunashli (ACG) block
BAKU, Azerbaijan, Jan. 23
By Anastasia Savchenko - Trend:
The volume of crude oil production at the Azeri-Chirag-Gunashli (ACG) block of fields in 2020 is forecasted to be 186.7 million barrels, Trend reports referring to the report of Azerbaijan’s State Oil Fund (SOFAZ).
The forecasted indicator is 10.4 million barrels less compared to 2019 (197.1 million barrels) due to lower production.
The contract for the development of the ACG block was signed in 1994. On September 14, 2017, a new agreement was signed in Baku on the development of the ACG block - until 2050.
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.
Follow the author on Twitter: @AnSav2105