Oil reserves on Azerbaijan to run 40 more years

The evaluation, however, doesn’t cover the corresponding accumulation of contract areas operated by international oil companies. The Azeri – Chirag – (deepwater) Gunashli (ACG) oil fields alone contain 2 billion tons of commercially viable reserves.

With the ACG stock, the entire reserves stand at about 6 billion tons, with a fourth occurred beneath the ground. In Azerbaijan, 57 oil fields are presently operated. “Of them 39 fields are classified as onshore field, with offshore accumulation numbering 18,” reads the statement. A total of 584 production facilities are involved in petroleum development operations across the country.