In 2014 production on ACG decreased by 2%, while costs increased by 8.5%

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During 2014 31.5 million tons or 233 million barrels of oil was extracted on the bloc of fields Azeri-Chirag-Guneshli (ACG).

            In 2013 32.2 million tons or 239 million barrels of oil was extracted on the ACG contract area. Considering that, last year oil extraction on ACG decreased by 2.17%.

   According to BP-Azerbaijan company, in 2014 the costs for development of ACG bloc of fields increased by 8.5% against 2013 up to $3.3 billion. Of this sum operation costs of the consortium in 2014 totaled about $1billion, while capital costs – $2.3 billion.

In 2013 ACG costs totaled $3,605,000,000, including $772 million of operation costs and $2,833,000,000 capital costs.

The contract for ACG development was signed on September 20, 1994 and entered into force on December 12, 1994.

The project partners include  британская BP (35.78% operator),  US Chevron (11.27%), ExxonMobil (8%), Indian ONGC (2.72%), SOCAR (11.65%), Japanese Inpex Corp. (10.96%) and ITOCHU Oil (4.3%), Norwegian Statoil (8.56%) and Turkish TPAO (6.75%).

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