BAKU, Azerbaijan, June 20. The volume of oil production at Azeri-Chirag-Gunashli (ACG) block offshore Azerbaijan stood at 151.62 million barrels in 2022, as compared to the forecasted 153.08 million barrels, Trend reports with reference to the Chamber of Accounts.
As such, the production plan for ACG was implemented by 99 percent.
The Chamber of Accounts estimates that the revenues of Azerbaijan’s state oil fund SOFAZ from oil and gas sales from ACG neared $9.889 billion.
ACG participating interests are: bp (30.37%), SOCAR (25.0%), MOL (9.57%), INPEX (9.31%), Equinor (7.27%), ExxonMobil (6.79%), TPAO (5.73%), ITOCHU (3.65%), ONGCVidesh (2.31%).
BP Exploration (Caspian Sea) Limited is the operator on behalf of the Contractor Parties to the ACG Production Sharing Agreement.
Currently, bp is implementing the Azeri Central East (ACE) platform project, which is the next stage of development of the giant Azeri-Chirag-Gunashli block. It is a $6 billion development project which includes a new offshore platform and facilities designed to process up to 100,000 barrels of oil per day. The project is expected to produce up to 300 million barrels over its lifetime.
By the end of the first quarter of 2023, the ACE project reached 86 percent progress milestone.
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