“At present 86,000 tons of oil a day (about 630,000 barrels) is extracted from 86 operation wells on the Azeri-Chirag-Guneshli (ACG) bloc,” said SOCAR Senior Vice President for Geology, Geophysics and Field Development Khoshbakht Yusifzada while addressing representatives of the Caspian European Club in Baku.
He said during 9 months, 2016 23.5 million tons of oil was extracted from the ACG fields, of which 15.5 million tons was profitable oil of Azerbaijan. Yusifzada added that since beginning of development in November 1997 till October 1, 2015 total volume of oil extracted from the ACG bloc reached 381 million tons, of which 208 million tons was profitable oil of Azerbaijan.
SOCAR top manager also said that geological resources of the ACG bloc are estimated at 2.2 billion tons of oil, which extractible resources – 1 million tons. “Considering that, till now only 17% of geological resources have been extracted. Till the end of 2024, which is the term of the contract expiration, 623 million tons of oil or 28% of geological resources will be extracted. In 10-15 years the production technologies will be improved and one can suppose that volume of hydrocarbons extraction will go up,” Yusifzada explained.
He added that the possibility of prolongation of the ACG contract is under consideration. We hope to complete the talks till the end of this year,” Yusifzada said.
Turan reminded that during 2014 233 million barrels of oil was extracted from the ACG, down 6 million barrels against 2013. During 6 months this index totaled 116 million barrels, down 2.8 million barrels against the same period last year. This month BP-Azerbaijan company plans to suspend production on the Chirag platform for the upgrade, which will take about three weeks. The company extracts 50,000 barrels of oil a day from the platform.
* The contract for development of Azeri, Chirag and deep-water section of Guneshli field was signed on September 20, 1994 and entered into force on December 12, 1994. The project partners include BP (35.78%), US Chevron (11.27%) and ExxonMobil (8,0006%), Indian ONGC Videsh Limited (2.72%), Japanese Inpex (10.96%) and Itochu (4.3%), SOCAR (11.65%), Norwegian Statoil (8.56%) and Turkish TPAO (6.75%). –0--
Economics
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Azerbaijan’s Minister of Economy, Mikayil Jabbarov, participated in the "Circle of Leaders: Financing the Energy Transition - New Horizons" session during the World Economic Forum (WEF) in Davos, emphasizing the country’s strategic role in global energy security and its green energy transition initiatives.
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Around 200 employees of SOCAR, Azerbaijan's state oil company, staged a strike in Batumi, Georgia, on January 21,demanding wage increases, local outlet Batumelebi reported. Participants included technicians and staff from various departments who argued that their long-standing minimal salaries fail to reflect their workload.
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