BAKU, Azerbaijan, June 13
By Leman Zeynalova – Trend:
The share of oil and oil equivalent gas production of India’s ONGC Videsh company from Azeri-Chirag-Gunashli (ACG) block of fields in the Azerbaijani sector of the Caspian Sea was 0.740 MMtoe (Million tons of oil equivalent) for the financial year 2019 (from 1st April 2018 to 31st March 2019), Trend reports referring to the company’s data.
The company’s share of investment in the project ACG was $1188.94 million till 31st March, 2019.
ONGC Videsh produced 0.856 MMtoe for FY’18 (from 1st April 2017 to 31st March 2018) from ACG, as compared to 0.946 MMtoe during FY’17 (from 1st April 2016 to 31st March 2017).
The company’s share of oil and gas production from ACG field was 0.847 MMT and 0.117 BCM respectively for FY’16 as compared to oil production of 0.859 MMT and gas production of 0.136 BCM during FY’15.
ONGC Videsh’s oil production stood at 0.883 MMT and gas production equaled to 0.099 BCM during FY’14.
The company’s share of oil and gas production from ACG field was 0.0098 MMT and 0.001 BCM respectively for four days after acquisition on 28th March, 2013. [the data covers the financial year 2013, which starts from April 1, 2012 and ends on March 31, 2013].
On 28th March 2013, ONGC Videsh acquired 2.72 percent participating interest (PI) from Hess in Azeri, Chirag and deep water portion of the Guneshli (ACG) fields in the Azerbaijan sector of the Caspian Sea. Production Sharing Agreement (PSA) for ACG fields signed in 1994 and valid till 2024 was extended till December 2049 during 2017. The amended and restated ACG PSA was signed by all the partners and SOCAR on 14th September 2017 according to which the PI of ONGC Videsh was changed to 2.31 percent effective from 1st January 2017.
ACG participating interests are: BP (30.37 percent), SOCAR (25 percent), MOL (replaced Chevron as of 16 April 2020 (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 (OVL) (2.31 percent).
Total Azeri-Chirag-Gunashli (ACG) production for the first quarter of 2020 was on average about 524,000 barrels per day (b/d) (about 48 million barrels or more than 6.4 million tonnes in total).
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