Azerbaijan's profitable oil volume within ACG project goes on increasing pace

Azerbaijan got around 162 million tons of profitable oil from 2006 to late August 2013 within the project for developing Azer-Chirag-Guneshli (ACG) oil and gas fields' block in Azerbaijani sector of the Caspian Sea, according to the article of Khoshbakht Yusifzade, SOCAR First Vice-President on Geology, Geophysics and Mining published in Respublika newspaper on Thursday.

According to the article, around 22.1 million tons of oil was produced in ACG in January-August, 2013, about 15 million tons of which fell to Azerbaijan's profitable oil.

The contract for development of Azeri-Chirag-Guneshli large offshore field was signed in 1994. Shares in the contract is distributed as follows: BP (operator in Azeri-Chirag-Guneshli) - 35.78 per cent, Chevron - 11.27 per cent, Inpex - 10.96 per cent, AzACG - 11.65 per cent, Statoil - 8.56 per cent, Exxon - 8 per cent, TPAO - 6.75 per cent, Itochu - 4.3 per cent and ONGC - 2.72 per cent.

Since the development of ACG, around 321 million tons of oil was to the world market, about 225 million tons of which was transported via Baku-Tbilisi-Ceyhan oil pipeline, 64 million tons via Baku-Supsa oil pipeline, 12 million tons on Baku-Novorossiysk pipeline and 20 million tons on railway.

"The volume of the profitable oil grows year by year," Yusifzade noted.

The total length of the pipeline BTC is 1768 kilometres of which 443 kilometres goes through Azerbaijan, 249 kilometres through the territory of Georgia and 1076 through the territory of Turkey.

Construction of the pipeline started in April 2003 and began flowing with oil on May 18 2005.

Stockholders of BTC Co established on August 2002 are BP (30.1 per cent), AzBTC (25 per cent), Chevron (8.9 per cent), Statoil (8.71 per cent), ???? (6.53 per cent), Eni (5 per cent), Total (5 per cent), Itochu (3.40 per cent), Inpex (2.5 per cent), ConocoPhillips (2.50 per cent) and ONGC (2.36 per cent).


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