In 2015 production on the bloc of fields Azeri-Chirag-Guneshli (ACG) dropped by 200,000 tons and totaled 31.3 million tons or 231 million barrels, reads the report of BP-Azerbaijan company.
The consortium extracted 634,000 barrels of oil a day on average on the contract area. In 2014 the production totaled 638,000 barrels a day.
In 2015 average daily oil production on the Chirag platform totaled 48,000 barrels, on Central Azeri – 154,000 barrels, om Western Azeri – 110,300 barrels, on Eastern Azeri – 71,000 barrels, on deep-water Guneshli – 141,400 barrels and on Western Chirag – 109,400 barrels.
By the end of 2015 91 oil, 42 gas and water injection wells have been operating on the ACG.
During last year ACG drilled 15 oil and 2 water wells. Thus, number of oil wells increased by 7, while gas and injection wells by 3.
The ACG shareholders include BP (operator with 35.8%), SOCAR (11.6%), Chevron (11.3%), Inpex (11%), Statoil (8.6%), ExxonMobil (8%), TPAO (6.8%), Itochu (4.3%) and ONGC Videsh Ltd. (2.7%).—0--
Economics
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Azerbaijan’s state oil company SOCAR signed a memorandum of cooperation with North Macedonian company ECM on Thursday, during a visit to Baku by North Macedonia's President Gordana Siljanovska-Davkova, an informed source told Turan.
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Discussions were held in Baku within the framework of the 29th session of the Conference of the Parties (COP29) to the UN Framework Convention on Climate Change, focusing on the "Decarbonization and Climate Adaptation of the Cotton-to-Clothing Value Chain." Among other topics, the state of cotton farming in Azerbaijan was also addressed.
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Azerbaijan has attracted significant interest from companies in both developing and developed countries, as well as from state and private sector representatives of at least 10 nations, regarding participation as shareholders in the Climate Finance Action Fund (CFAF), which has a total budget of $1 billion. The CFAF is one of Azerbaijan’s 14 key initiatives unveiled at COP29, Yalchin Rafiev, Azerbaijan's chief negotiator at COP29 and Deputy Foreign Minister, said at a press conference on Tuesday.
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The Azerbaijani government has proposed that the OPEC Fund participate in financing several renewable energy projects, including offshore wind energy development, green energy corridor initiatives, and a 1 GW project planned by SOCAR in partnership with the UAE-based company Masdar.
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