Total oil production from ACG reached 347 million tons

Since beginning of development of the offshore bloc Azeri-Chirag-Guneshli (ACG) in November 1997 till October 1, 2014 total oil production reached 347 million tons, said Khoshbakht Yusifzada, Senior Vice President of State Oil Company of Azerbaijan (SOCAR), at the XIII conference of the Energy Regulation Regional Association (ERRA) in Baku.

“During this period 101 billion cub.m. of associated gas has been also extracted from the bloc,” Yusifzada said.

He said the daily oil production from the bloc totals about 90,000 tons of oil (650,000 barrels) and 35 million cub.m. of associated gas.

He also said that till October 1, 2014 the government has received 187 million tons of profitable oil from ACG ($107,254,000,000 in money terms, according to the Oil Fund), profit from which is accumulated in the Oil Fund. First time Azerbaijan received profitable oil from ACG in December 1999. The Oil Fund has been created on the same year.

SOCAR reported that the volume of extractible oil on ACG totals 923 million tons.

The contract for development of ACG was signed on September 1994 and entered into force on December 12, 1994.  The contract has been signed for the period of 30 years. The partners of the project include BP (35.78%), SOCAR (11.65%), US Chevron (11.27%), Japanese Inpex (10.96%), Norwegian Statoil (8.56%), US ExxonMobil (8.0006%), Turkish TPAO (6.75%), Japanese Itochu (4.3%)  and Indian ONGC Videsh Limited (2.72%).

Table of oil production from ACG platforms

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