Azerbaijan reveals oil production, export figures for ACG, Shah Deniz field
BAKU, Azerbaijan, Sept.22
By Fidan Babayeva – Trend:
Azerbaijan produced 23.2 million tons of oil and gas condensate from January through August 2020, which is 1.8 million tons less compared to the same period of 2019, Trend reports referring to the Azerbaijani Ministry of Energy.
In the reporting period, 16 million tons of the extracted oil and gas condensate were produced at the Azeri-Chirag-Gunashli block of fields (ACG), and 2.4 million tons of gas condensate – at Shah Deniz field. Some 4.8 million tons of all production accounted for the State Oil Company of Azerbaijan (SOCAR).
In the past 8 months of 2020, the volume of oil along with gas condensate was exported in the amount of 19.2 million tons, which is nearly 1.7 million tons (8 percent) less compared to the same period of 2019. Meanwhile, 18.4 million tons of oil were exported by the AIOC consortium, and 800,000 tons were sent for export by SOCAR.
Oil production and export figures for the ACG and Shah-Deniz field, which play an important role in the development of the oil and gas industry in Azerbaijan, were also specified.
Some 545.5 million tons of oil and gas condensate were produced from the date of commissioning until September 1 from the Azeri-Chirag-Gunashli block of fields (ACG) and Shah-Deniz field. As to September 1, 2020, 544.9 million tons of oil produced from ACG were exported.
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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