SOCAR�s Share in New ACG Contract 25 Percent
Baku / 14.09.17 / Turan: SOCAR's share in the new contract for the development of the Azeri-Chirag-Guneshli (ACG) field block in the Azerbaijani sector of the Caspian Sea until the year 2050 will be 25%. This was announced by Azerbaijani President Ilham Aliyev, speaking at the signing ceremony of the contract today.
He called this event the beginning of a "new era in the development of ACG fields.
According to him, the new contract will be signed under conditions more favorable for Azerbaijan than the previous agreement signed in 1994.
"So, SOCAR's share in the new contract will be 25% (under the current contract 11.65%) In addition, after signing the contract foreign investors will pay Azerbaijan $ 3.6 billion in various bonuses, and the share of profitable oil will be 75%," Aliyev stressed.
He added that 436 million tons of oil have been produced for 23 years of the development of the ACG block, and currently, about 500 million tons of oil are yet to be produced. -06D--
Energy
-
The State Oil Company of Azerbaijan (SOCAR) is launching the Leucipa monitoring program for the first time in the Caspian region to enhance production efficiency in the oil and gas industry, KOKAR reported. “SOCAR is implementing an innovative digital solution – the Leucipa monitoring program – to optimize processes and improve extraction efficiency. This initiative is part of a strategic collaboration with Baker Hughes. This project is a key part of SOCAR’s digital transformation strategy,” the company’s statement said.
-
The daily oil production, including condensate, in Azerbaijan in January amounted to 74.5 thousand tons (559 thousand barrels). Of this volume, oil accounted for 61.7 thousand tons (454 thousand barrels per day), and condensate – 12.8 thousand tons (105 thousand barrels per day), the press service of Azerbaijan’s Ministry of Energy. Thus, Azerbaijan used 82.4% of its OPEC quota in January.
-
In January 2025, Azerbaijan exported a total of 2 bcm of natural gas. Compared to January of the previous year, export volumes decreased by 300 mcm, the website of Azerbaijan’s Ministry of Energy. According to the ministry’s data, during the reporting period, Azerbaijan’s gas exports to Europe amounted to 1 bcm (a decrease of 100 mcm.)
-
In January 2025, Azerbaijan exported 2 million tons of oil and condensate to foreign markets. The export volumes of liquid hydrocarbons from Azerbaijan decreased by 100 thousand tons, the website of Azerbaijan’s Ministry of Energy.
Leave a review