Total amount of oil extracted from ACG fields in Azerbaijan announced

About 193 million tons of oil have been extracted since oil production (1997) within the development of Azerbaijani offshore fields Azeri-Chirag-Guneshli (ACG), Azerbaijani Ministry of Industry and Energy spokesman, Azer Mansimli said.

Mansimli said that about 72,6 million tons of the total volume of oil produced from ACG fall to Azerbaijan.

Participants of the project are BP (operator - 34.1367% of share holding), Chevron (10,2814%), SOCAR (10%), INPEX (%), Statoil (8,5633%), ExxonMobil (8,006%), TPAO (6,75%), Devon Energy (5,6262%), Itochu (3,9205%), Delta Hess (2,7213%).

The agreement on joint development and production sharing on the project "ACG" was signed in September 1994. Duration of the agreement is 30 years. Oil production was increased under the contract progressively by putting new deposits into operation. Production at the "Chirag" field was launched in 1997, at the "Central Azeri" - in early 2005, "Western Azeri" - in early 2006, "East Azeri" - late 2006. Production on the deep part of the deposit Guneshli was launched in April 2008.

BP, the operator of the development of ACG fields, will extract 42.1 million tons of oil here in 2010 compared to more than 40.3 million tons in 2009. Daily production of oil from this block of fields will hit 854,000 barrels this year.


/Trend/