Azeri-Chirag-Gunashli: Oil & gas output since start of development
BAKU, Azerbaijan, Sept.16
By Leman Zeynalova – Trend:
Azeri-Chirag-Gunashli (ACG) block of oil and gas fields in the Azerbaijani sector of the Caspian Sea has produced 516 million tons of oil and 172 billion cubic meters of gas since the start of development till September 1, 2020, Trend reports referring to the article of Khoshbakht Yusifzade, the First Vice President of Azerbaijan’s state oil company SOCAR.
Around 305 million tons of Azerbaijan’s profit oil was sold on world markets as of September 1, 2020, which accounts for 59 percent of the total volume of oil extracted from ACG up to now, he wrote.
During the first eight months of 2020, ACG produced 16 million tons of oil with 12 million tons or 75 percent accounting for Azerbaijan’s profit oil.
ACG will produce additional 500 million tons of oil by 2050 and additional $43 billion will be invested in this block by that time.
The volume of investments made in ACG to date stands at $43 billion.
ACG participating interests are: bp (30.37%), SOCAR (25.0%), MOL (replaced Chevron as of 16 April 2020 (9.57%), INPEX (9.31%), Equinor (7.27%), ExxonMobil (6.79%), TPAO (5.73%), ITOCHU (3.65%), ONGC Videsh Limited (OVL) (2.31%).
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