Today.Az » Business » Over 13.6 million tons commercial oil produced from ACG in Jan-Aug 2019
19 September 2019 [15:28] - Today.Az
By Leman Mammadova
The Azeri-Chirag-Gunashli (ACG) field, which lies 120 km off the coast of Azerbaijan, is considered to be the largest oilfield in the Azerbaijan sector of the Caspian Sea. This year, ACG celebrates its 25th anniversary.
As of September 1, 2019, a total of 492 million tons of oil and 161 billion cubic meters of gas have been produced far from the block of ACG fields, so far, noted Khoshbakht Yusifzade, First Vice President of SOCAR, in his article published in the official press.
“Moreover, Azerbaijan’s commercial oil accounted for 287 million tons or 58 percent of the total production from this block,” Yusifzade said.
According to the the results of the first eight months of 2019, 18 million tons of oil was produced from the ACG block, of which about 77 percent or 13.664 million tons accounted for commercial oil.
“As of September 1, 2019, Azerbaijan exported 554 million tons of oil to world markets of which 396 million tons were delivered through the Baku-Tbilisi-Ceyhan pipeline,” reads the article.
ACG is the largest oil and gas field in the Caspian Sea, covering more than 432 square kilometres. Proven oil reserves of ACG block of oil and gas fields are estimated at 1.2 billion tons, while gas reserves make 350 billion cubic meters.
A contract for the development of ACG block of oil and gas fields was signed in 1994 for 30 years.? The recent agreement signed in 2017 provides for the development of the field until 2050.
In addition, it was stated that as of September 1, 2019, more than 110 billion cubic meters of gas and about 27 million tons of condensate were produced from the Shah Deniz field in 2006-2019.
Yusifzade noted that a total of 8.7 billion cubic meters of natural gas extracted from Shah Deniz was exported to Georgia, while 63 billion cubic meters to Turkey.
Shah Deniz is a giant gas condensate field, reserves of which are estimated at 1.2 trillion cubic meters of gas and 240 million tons of condensates. Within the second stage of field development, the volume of gas production can be increased to 24 billion cubic meters per year, according to forecasts.
Shah Deniz 2 is the starting point of the new Southern Gas Corridor, which will deliver Caspian resources directly to European markets for the first time through TAP pipeline as an extension of TANAP.
Meanwhile, the total volume of Azerbaijani gas supplies from the Shah Deniz field to Turkey via the Trans-Anatolian gas pipeline (TANAP) exceeded 2 billion cubic meters in 2018-2019.
Recalling that since July 1, 2019, the TANAP gas pipeline is in full readiness for the supply of Azerbaijani gas to Europe in transit through Turkey Yusifzade stressed that the construction of the Trans-Adriatic Gas Pipeline (TAP) is already being completed, which will allow delivering Azerbaijani gas to Greece, Albania and Italy.