Up to 500 million tons of oil will be extracted from the Azeri-Chirag-Gunashli (ACG) offshore fields in the Caspian Sea , by 2050, said first vice president of the country`s state oil firm, SOCAR, Khoshbaxt Yusifzade.
“Up to date, about $43 billion was invested in ACG and will be further invested” added Yusifzade.
The volume of crude oil production from the ACG oil and gas block in 2018 is forecasted to be 204.4 million barrels, or 28 million tons respectively. ACG has already produced more than three billion barrels of oil since it came on stream in 1997, yielding vast revenues for the Azerbaijani state.
