Average Oil Production at ACG 1,000 Tons / Day

«Currently, the block of Azeri-Chirag-Gunashli (ACG) with 86 wells daily produces 86 thousand tons of oil (about 630 thousand barrels - Ed.)," said the first Vice- President of SOCAR on Geology, Geophysics and Mining Khoshbakht Yusifzadeh, speaking yesterday to representatives of Caspian European Club in Baku.

According to him, for 9 months of 2015 ACG produced 23.5 million tons of oil, of which 15.5 million tons accounted for Azerbaijan's profit oil.

Yusifzadeh said that the total volume of oil production from the ACG for the period from the beginning of development in November 1997 to October 1, 2015 was 381 million tons, of which 208 million tons accounted for Azerbaijan's profit oil.

Further, the top manager of SOCAR said that the geological reserves of ACG are estimated at 2.2 billion tons of oil and recoverable - 1 billion tons. "Based on these data, to date, only 17% are recovered reserves. By the end of 2024, the completion date of the contract, there will be extracted 623 million tons of oil, or 28% of the reserves. In ten or fifteen years the technology for the extraction will be much improved, and you can assume the growth of recoverability of hydrocarbons from the bowels," said Yusifzadeh.

He noted that at present the possibility of extending the term of the contract on ACG is considered. We hope to conclude these negotiations before the end of this year," said Yusifzadeh.

Turan recalls that 233 million barrels of oil was extracted from ACG in 2014, 6 million barrels less than in 2013. Over H1 the figure was 116 million barrels, 2.8 million barrels lower than in the same period last year. In the current month BP-Azerbaijan is planning to stop production on the Chirag platform to upgrade it, which will last about three weeks. From this platform, the company produces 50,000 barrels of oil daily.

* The contract to develop ACG was signed on 20 September 1994 and entered into force on 12 December of the same year. Participants of the project are: BP (35.78%), Chevron (11.27%), ExxonMobil (8.0006%), ONGC Videsh Limited (2.72%), Inpex (10.96%), Itochu (4.3%), SOCAR (11.65%), Statoil (8.56%), and TPAO (6.75%). -12S--