The collapse of production at the largest oil block in Azerbaijan

In January-May 2021, 9.5 million tons of oil (70 million barrels) were produced from the Azeri-Chirag-Guneshli (ACG) bloc of fields, by 9.52% or 1 million tons less (operator of the British BP project – Caspian Barrel), reported the Ministry of Energy of Azerbaijan.

In May of this year, ACG accounted for 66% of all production of liquid hydrocarbons (oil and condensate) in Azerbaijan.

By the end of 2020, ACG produced 23.6 million tons or 175 million barrels of oil. According to the Accounts Chamber of Azerbaijan, 46% of the oil produced in 2020 within the ACG went to the state (Azerbaijan) as a profit.Oil production at ACG began in November 1997. Production peaked in 2010 – 40.6 million tons or 300.4 million barrels. Until June 1, 2021, 533 million tons of oil were produced within the ACG project, of which 532.7 million tons were exported. 

Caspian Barrel