Over 80 million tons of Azerbaijani lucrative oil extracted at ACG block of fields

Since the early development of the block of fields "Azeri-Chirag-Guneshli" (ACG) in the Azerbaijani sector of the Caspian Sea, about 190 million tons of oil were extracted, SOCAR first vice-president on geology, geophysics and mining Khoshbakht Yusifzade said on Tuesday in Baku at the 7th geophysical conference.

About 80 million tons of the total amount of oil extracted at the Azeri-Ciraq-Guneshli fell to the lucrative oil of Azerbaijan, Yusifzade said. He said that funds from lucrative oil are deposited in the Azerbaijani State Oil Fund, and then are transported to implement various projects and develop the country.

Before Azerbaijan signs "Contract of the Century" with foreign oil companies, oil production in Azerbaijan has fallen to 9 million tons a year, and gas production - up to 3.5 billion cubic meters. According to the results of 2009, this index on oil was 50 million tons, and gas - 23,5 billion cubic meters.

Yusifzade said that after opening of Azerbaijani offshore gas-condensate field "Shah Deniz", Azerbaijan has turned into a country exporting gas. About 20 million cubic meters of gas is extracted daily at gas condensate field Shah Deniz in Azerbaijani sector of the Caspian Sea. Gas from this field is exported to Turkey, Georgia, a small part - to Europe.

Besides 'Shakh Deniz' field, Azerbaijan has such promising structures as "Absheron", "Nakhchivan", "Zafar-Mashal". Operations will be held there. It means an increase in gas production and export capabilities.

So far, about 380 prospective structures were discovered on the Caspian Sea, mostly due to merit of Azerbaijani geophysicists. At this stage, the use of 4D and 4E geophysics should be increased.

Yusifzade said that 4E geophysics allows observing the movement of water contact, and 4D - overseeing the development of deposits. These methods are applied in Azerbaijan with foreign geophysicists, in particular at the ACG.


/Trend/