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256mn tons of profit oil sold on ACG project so far

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256 million tons of Azerbaijan’s share profit oil extracted from Azeri, Chirag fields and the Deep Water Portion of the Gunashli field in the Azerbaijani sector of the Caspian Sea, was sold in the world markets up to April 1, 2018.

It makes 56.6% of the ACG oil sold in world marketsReport informs, the First Vice President of the State Oil Company of Azerbaijan Republic (SOCAR), Khoshbakht Yusifzade said at the 3rd International Forum “Caspian and Central Asia Downstream Conference – Trading, Logistics, Refining, Petrochemicals.

“This is 56.6% of the ACG oil realized in the world markets. Azerbaijan has been receiving profit oil from ACG for 19 years”, he said.

According to Yusifzade, from the beginning of development (1997) till April 1 of this year, 453 mln. tons of oil and 144 billion cubic meters of gas were extracted.

He also said that up to now $ 43 billion invested in the ACG project: “The same amount of funds may be invested in the future.”

Notably, the agreement on joint development and production sharing (PSA) of the ACG fields block was signed on September 20, 1994.

The amended and restated agreement on the joint development and production sharing (PSA) for the Azeri, Chirag fields and the Deep Water Portion of the Gunashli field (ACG) was signed on September 14, 2017.

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