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Azerbaijan keeps Azeri Light production at 2015 level

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oil_rig_090414-1Total production at the Azeri-Chirag-Deepwater Gunashli (ACG) was on average 644,000 barrels per day (b/d) (over 176 million barrels or 24 million tons in total) in January-September 2016, same as in January-September 2015, BP Azerbaijan has said.

According to the report, in the first three quarters of 2016, approximately $378 million was spent in operating expenditure and $1.12 billion in capital expenditure on ACG activities.

Azerbaijan produced 31.3 million tons of Azeri Light oil from ACG in 2015, as compared to 31.5 million tons in 2014.

A contract for development of the ACG block of fields was signed in 1994. The proven oil reserve of the block nears one billion tons.

Shareholders of the project are BP (35.78 percent), Chevron (11.27 percent), Inpex (10.96 percent), AzACG (11.65 percent), Statoil (8.55 percent), Exxon (8 percent), TPAO (6.75 percent), Itochu (4.3 percent) and ONGC (2.72 percent).

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