Oil production from the Azeri-Chirag-Guneshli (ACG) block of fields in 2021 will amount to 171.6 million barrels. This is noted in the conclusion of the Accounts Chamber on the budget of the State Oil Fund of Azerbaijan (SOFAZ) for 2021
“This is 3 million barrels below the target for 2020. A 1.7% decline will be associated with a reduction in oil production,” the Accounts Chamber notes.
As previously reported, according to the Ministry of Energy of Azerbaijan, oil production at the block of ACG fields in January-November 2020 amounted to 21.6 million tons or 160 million barrels.
The ACG project shareholders are: British BP (operator – 30.37%), SOCAR (25%), Hungarian MOl (9.57%), American Exxon Mobil (6.79%), Indian ONGC (2.31%), Japanese Inpex Corp. (9.31%) and ITOCHU Oil (3.65%), Norwegian Equinor (7.27%), and Turkish TPAO (5.73%).
Oil production at the Chirag field began in November 1997, from the central part of the Azeri field – from February 13, 2005, from December 30, 2005 – from the western part of Azeri, from October 21, 2006 – from the eastern part of Azeri, from the beginning of April 2008 – from the deep-water part of the Guneshli field, and from January 29, 2014 – from the western part of the Chirag field.
Caspian Barrel
