SOCAR says share of Azerbaijan’s profit oil to further grow

“The share of Azerbaijan’s profit oil will continue to increase.”

Two hundred forty million tons of oil of the total volume of oil produced at the Azeri-Chirag-Gunashli (ACG) block of fields account for the share of Azerbaijan’s profit oil, said First Vice-President of the country’s state oil company SOCAR Khoshbakht Yusifzade, AzVision reports.

He made the remarks during the 24th International Caspian Oil & Gas Exhibition and Conference 2017 in Baku June 2.

“The share of Azerbaijan’s profit oil will continue to increase,” he said.

Yusifzade noted that 428.4 million tons of oil and 133 billion cubic meters of associated gas were produced at the ACG from November 1997 to June 2017.

Out of 448 million tons of oil exported by Azerbaijan, 333 million tons accounted for export via the Baku-Tbilisi-Ceyhan pipeline, he added.

A contract for developing the ACG field was signed in 1994. The proven oil reserve of the block nears 1 billion tons.

The shareholders of the project are BP (operator, 35.78 percent), Chevron (11.27 percent), Inpex (10.96 percent), AzACG (11.65 percent), Statoil (8.55 percent), Exxon (8 percent), TPAO (6.75 percent), Itocu (4.3 percent) and ONGC (2.72 percent).


You Might Also Like