BAKU, Azerbaijan, June 24
By Nargiz Ismayilova – Trend:
Azerbaijan produced 15.2 million tons of oil and gas condensate from January through May 2020, which is 463,000 tons less compared to the same period of 2019, Trend reports on June 24 referring to the country’s Ministry of Energy.
In the reporting period, over 69 percent or 10.5 million tons of the extracted oil and gas condensate were produced at Azeri-Chirag-Deepwater Gunashli (ACG) field, and 10.5 percent or 1.6 million tons of gas condensate – at Shah Deniz field. Over 20 percent or 3.1 million tons of all production accounted for the State Oil Company of Azerbaijan (SOCAR).
In the first five months of 2020, most of the oil along with gas condensate (82.9 percent) was exported in the amount of 12.6 million tons, which is 468,000 tons less compared to the same period of 2019. Meanwhile, 81.9 percent or 12 million tons of the exported oil was produced by AIOC consortium, and 4.5 percent or 569,000 tons of exported oil accounted for SOCAR.
In total, 537 million tons of oil and gas condensate were produced at the ACG and Shah Deniz fields from their commissioning to June 1, 2020.
From January through May 2020, 2.5 million tons of oil were refined, which is 61,300 tons more compared to the same period of 2019.
The Azeri-Chirag-Gunashli Production Sharing Agreement, which later became known as the “Contract of the Century”, was signed between the government of Azerbaijan and AIOC consortium representing a group of international oil companies on September 20, 1994. The Contract was extended in September 2017 until 2050.
ACG participating interests are: BP (30.37 percent), SOCAR (25 percent), Chevron (9.57 percent), INPEX (9.31 percent), Equinor (7.27 percent), ExxonMobil (6.79 percent), TPAO (5.73 percent), ITOCHU (3.65 percent), and ONGC Videsh Limited (OVL) (2.31 percent).
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