BAKU, Azerbaijan, June 6. The State Oil Company of Azerbaijan Republic (SOCAR) intends to enhance the oil recovery factor at the Azeri-Chirag-Gunashli (ACG) oil field block, SOCAR Vice President Babek Huseynov said during the "Exploration and Production Opportunities in the Caspian Region" panel at the 29th Baku Energy Forum, Trend reports.
"The ACG block has undergone development for three decades, featuring highly efficient wells. Currently, the oil recovery factor stands at approximately 30–40 percent, which is deemed acceptable. However, our aim is to elevate this figure to 50 percent," emphasized Huseynov.
He highlighted that achieving this goal will be feasible through the implementation of new infrastructure and technologies within this block of fields.
The vice president further pointed out that this block resides in the northern cluster of hydrocarbon zones on the Azerbaijani Caspian shelf, with the upcoming establishment of oil production at the Karabakh field.
"The Karabakh field is poised to yield stable oil with a high flow rate for up to five years," Huseynov added.
To note, over 600 delegates are participating in the forum, which began on June 5, representing a diverse range of countries including Australia, Austria, Belarus, Belgium, Bulgaria, China, the Czech Republic, Finland, France, Georgia, Hungary, India, Israel, Italy, Japan, Kazakhstan, Latvia, Monaco, the Netherlands, Norway, UAE, Qatar, Romania, Russia, Saudi Arabia, Slovenia, Sweden, Switzerland, Ukraine, the UK, the US, and Uzbekistan. This year's forum boasts a record number of speakers, totaling 81.
The Forum's agenda will address energy issues of significance for Azerbaijan and the broader Caspian region, focusing primarily on considerations and financing related to energy security, energy transition, and green energy projects.
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