245 mln tons of profit oil was sold on ACG project so far


    245 million tons of Azerbaijan’s share profit oil, which was extracted from Azeri, Chirag fields and the Deep Water Portion of the Gunashli Field (ACG project, Contract of the Century) in the Azerbaijani sector of the Caspian Sea was sold in the world markets up to September 1, 2017.

    Report informs, Khoshbakht Yusifzade, First Vice President of the State Oil Company of Azerbaijan Republic (SOCAR) told official media.

    According to him, 435.6 mln tons of oil and 136.3 bln cum of natural gas has been produced from the ACG within the Contract of the Century since beginning of the development.

    He also added that 456 mln tons of Azerbaijani oil was exported to the world market to reporting date, which 340 mln tons was transported via the Baku-Tbilisi-Ceyhan pipeline.

    Notably, agreement on joint development and production sharing (PSA) of the ACG fields block was signed on September 20, 1994. BP (35,8% as operator), SOCAR (11,6%), Chevron (11,3%), Inpex (11%), Statoil (8,6%), ExxonMobil (8%), TPAO (6,8%), Itochu (4,3%), ONGC Videsh Ltd. (OVL, 2.7%) participate in the ACG project.

    Amended and restated agreement on the joint development and production sharing (PSA) for the Azeri, Chirag fields and the Deep Water Portion of the Gunashli Field (ACG) was signed on September 14, 2017.

    The contract is subject to ratification by the Parliament (Milli Majlis) of the Republic of Azerbaijan. Following ratification of the contract, the new ACG participating interests will be as follows: BP, 30.37 per cent; AzACG (SOCAR), 25.00 per cent; Chevron, 9.57 per cent; INPEX, 9.31 per cent; Statoil, 7.27 per cent; ExxonMobil, 6.79 per cent; TP, 5.73 per cent; ITOCHU, 3.65 per cent; and ONGC Videsh Limited (OVL), 2.31 per cent.

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