Oil Production at ACG Block Decreased by 0.6% in 2018

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In 2018, the Azerbaijan International Operating Company (AIOC) produced 28,722,000 tons of oil from the Azeri-Chirag-Guneshli (ACG) field block.

This is stated in the report of the Ministry of Energy of Azerbaijan.

In 2017, 28 million 906.4 thousand tons of oil was extracted from the block of Azeri, Chirag and Guneshli fields. Thus, in 2018, the volume of production at ACG decreased compared with a year earlier by 0.6%.

Associated gas production in 2018 from the block of Azeri-Chirag-Guneshli fields amounted to 12 billion 506 million cubic meters (an increase of 1.3%).

The contract for the development of the Azeri and Chirag fields and the deepwater part of Guneshli was signed on September 20, 1994. This agreement expired in 2024. However, on September 14, 2017, a new contract was signed in Baku for the development of the ACG block, calculated until 2050. Under the new contract, the share of BP (project operator) is 30.37%, with SOCAR (25%), Chevron (9.57%), ExxonMobil (6.79%), Indian ONGC (2.31%), Japanese Inpex Corp. (9.31%) and ITOCHU Oil (3.65%), Norwegian Statoil (7.27%), and Turkish TPAO (5.73%).

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