Over 2.9 billion barrels of oil already extracted on ACG, according to BP

In quarter 1, 2016 average daily oil production on the offshore project Azeri-Chirag-Guneshli (ACG) totaled 651,000 barrels. Average daily oil production went down by 10,000 barrels or by 1.51% against the same period last year.

According to the quarterly report of BP-Azerbaijan company (the ACG project operator), in quarter 1, 2016 oil production on the ACG bloc totaled 59.2 million barrels or 8 million tons. In quarter 1 last year this index totaled 59.5 million barrels and 8.08 million tons.

In order to stabilize the oil production, this period the international consortium had to increase pumping of associated gas into the wells by 42.3%, drill 5 operation wells and 2 water injection wells.

According to BP-Azerbaijan, in quarter 1, 2016 the company reduced the costs for development of the ACG bloc development by 15.4% or to $533 million against the same period last year. Of this amount the ACG operation costs during this period totaled $137 million, while capital costs -$396 million.

Table of oil production on the ACG platforms

In 2015 oil production from the ACG fields totaled 31.3 million tons of oil (31.5 million tons in 2014).

The contract for development of the ACG fields was signed on September 20, 1994 and entered into force on December 12, 1994.

The project partners include British BP (operator with 35.78%), Chevron (11.27%), ExxonMobil (8%), Indian ONGC (2.72%), SOCAR (11.65%), Japanese Inpex Corp. (10.96%) and ITOCHU Oil (4.3%), Norwegian Statoil (8.56%) and Turkish TPAO (6.75%).

Oil production on the Chirag field started in November 1997, on the central part of Azeri field from February 13, 2005, on the western part of Azeri field from December 30, 2005, on the deep-water section of Guneshli field from early April 2008, on the western part of Chirag field from January 29, 2014.

According to BP, since November 7, 1997 till April 1, 2016 2.9 billion barrels of oil has been extracted on the ACG contract area.—0—