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Azerbaijan produces 412 mln tons of oil from ACG block

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azeri_chirag_guneshli_oil_rig_300816Azerbaijan has produced 412 million tons of oil from the Azeri-Chirag-Gunashli (ACG) block of oil and gas fields in the Caspian Sea since November 1997, said Khoshbakht Yusifzade, first vice president of Azerbaijan’s state oil company SOCAR.

Yusifzade made the remarks in Baku Nov. 3 at an event where he was awarded the title of Honorary Professor of Azerbaijan’s State Oil and Industry University.

He added that 229 million tons of the produced oil accounted for profitable oil.

“As many as 440 million tons of Azerbaijani oil has been exported to global markets so far. Out of this volume 310 million tons of oil was transported via the Baku-Tbilisi-Ceyhan pipeline,” Yusifzade said.

A contract for developing the ACG field was signed in 1994. The proven oil reserve of the block nears 1 billion tons.

The shareholders of the project are BP (operator, 35.78 percent), Chevron (11.27 percent), Inpex (10.96 percent), AzACG (11.65 percent), Statoil (8.55 percent), Exxon (8 percent), TPAO (6.75 percent), Itocu (4.3 percent) and ONGC (2.72 percent).

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