Since beginning of development of the Azeri-Chirag-Guneshli (ACG) bloc in November 1997 till June 1, 2015 total oil production volume reached 368 million tons, Khoshbakht Yusifzada, SOCAR Vice President for Geology, Geophysics and Fields Development, said.
“During this period we have also extracted 109 billion cub.m. of associated gas on the bloc,” Yusifzada said.
He added that daily oil production rate on the bloc is 90,000 tons of oil and 34 million cub.m. of associated gas.
He also said that during the period of the ACG bloc development 200 million tons of profitable oil of Azerbaijan has been sold.
However, this volume includes both profitable oil of the state, incomes from which is accumulated in the Oil Fund, and SOCAR’s profitable oil.
The contract for the ACG fields development was signed on September 20, 1994 and entered into force on December 12, 1994. The project partners include BP (35.78%), Chevron (11.27%), ExxonMobil (8.0006%), Indian ONGC Videsh Limited (2.72%), Inpex (10.96%), Itochu (4.3%), SOCAR (11.65%), Statoil (8.56%) and Turkish TPAO (6.75%).
