Managing Committee of the Azeri-Chirag-Guneshli (ACG) project has approved the draft budget of the consortium for 2016, said Caspian Barrel sources from the State Oil Company of Azerbaijan (SOCAR).
The same source said that this year the consortium has successfully fulfilled the production plan. A year ago the goal of BP-Azerbaijan company (the project operator) was to extract on average 605,000 barrels of oil from the ACG contract area. However, this year average daily production totaled 630,000 barrels a day.
Next year the production volume will go down, however the source did not mention the percentage of decline.
