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Oil Production from ACG to Be 187 Million Barrels in 2020

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Oil production from the block of Azeri-Chirag-Gunashli (ACG) fields will amount to 186.7 million barrels in 2020, the Accounts Chamber concluded on the budget of the State Oil Fund of Azerbaijan for 2020.

“In 2020, oil production at ACG is projected to be 186.7 million barrels, which is 10.4 million barrels below the plan for 2019. The decline will be associated with a reduction in oil production,” the Accounts Chamber notes.

It should be noted that the Ministry of Energy of Azerbaijan has already announced the volume of oil production at the ACG block for 2019 – 26.237 million tons (195 million barrels). Thus, in the current year, a decrease in oil production at ACG is projected at 4.3%. In 2019, the rate of decline in oil production at ACG amounted to 8.7%.

* The shareholders of the ACG project are: BP (project operator) – 30.37%, SOCAR (25%), Chevron (9.57%), ExxonMobil (6.79%), ONGC (2.31%), Inpex Corp. (9.31%), Itochu Oil (3.65%), Statoil (7.27%) and TPAO (5.73%).

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