Over 1bln barrel of oil produced in Azeri-Chirag-Guneshli field: BP

The Azeri-Chiraq-Guneshli agreement was signed in September 1994. The agreement provides for the contract area's development in the course of 30 years. Production at the Chiraq field commenced in 1997, at Central Azeri in early 2005, West Azeri in early 2006 and East Azeri in late 2006. Production at the Deepwater Gunashli field began in late April.

Participants of the project on development of huge Azeri-Chirag-Guneshli offshore field include BP - operator with 34.1367% of stakes, ChevronTexaco - 10.2814 percent, SOCAR - 10 percent, INPEX - 10 percent, Statoil - 8.5633 percent, ExxonMobil - 8.006 percent, TPAO - 6.75 percent, Devon Energy - 5.6262 percent, Itochu - 3.9205 percent and Delta Hess - 2.7213 percent. Required investments total $20 billion.

More than half of the produced oil from ACG field was transported via the Baku-Tbilisi-Ceyhan (BTC) pipeline. The company operates the sea gas condensate Shah Deniz field. Oil is transported via the pipeline through Azerbaijan, Georgia and Turkey to the Turkish Mediterranean Sea port of Ceyhan.  

/Trend Capital/