BAKU, Azerbaijan, Aug.19
By Nargiz Ismayilova – Trend:
Some 542.7 million cubic meters of oil and gas condensate were produced from the date of commissioning until August 1 from Azeri-Chirag-Gunashli block of fields (ACG) and Shah-Deniz field, Trend reports referring to the country’s Ministry of Energy.
Azerbaijan produced 20.5 million tons of oil and gas condensate from January through July 2020, which is 1 million tons less compared to the same period of 2019.
In the reporting period, over 68.3 percent or 14 million tons of the extracted oil and gas condensate were produced at ACG, and 10.7 percent or 2.2 million tons of gas condensate – at Shah Deniz field. Over 20.9 percent or 4.3 million tons of all production accounted for the State Oil Company of Azerbaijan (SOCAR).
In the first seven months of 2020, most of the volume of oil along with gas condensate was exported in the amount of 16.9 million tons, which is 1.4 million tons (7.6 percent) less compared to the same period of 2019. Meanwhile, 16.2 million tons of the exported oil was produced by AIOC consortium, and 700,000 tons of exported oil accounted for SOCAR.
From January through July 2020, 3.5 million tons of oil were refined, which is 144,000 tons less 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 on September 14, 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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