Baku, Azerbaijan, April 23
By Emin Aliyev - Trend:
Azerbaijan sold up to 175 million tonnes of profit oil produced at the Azeri-Chirag-Guneshli (ACG) block of oil and gas fields.
Vice president of Azerbaijani State Oil Company (SOCAR) Khoshbakht Yusifzadeh said that the mentioned amount was sold in the global market as of April 1, adding that the profit volume is rising each year.
"Some 22.5 million tonnes or 68.8 percent of total volume of the profit oil produced at the ACG accounted for Azerbaijan in 2013," Yusifzadeh noted on April 23, speaking at the Caspian Energy Forum-2014 held in Baku.
SOCAR vice president also said the growth in oil and gas production in the country was mainly achieved through the Azeri-Chirag-Guneshli and Shah Deniz fields.
"Currently an average of 2.8 million tons of oil and 1.1 billion cubic meters of gas are being produced monthly at 77 extracting oil wells located in the deepwater of the ACG. A total of 331 million tons of oil and 94 billion cubic meters of gas have been produced since the start of ACG's development. The project's participants have been making profits for 15 years already," Yusifzadeh said.
The contract for development of Azeri-Chirag-Guneshli large offshore field was signed in 1994. The block's proven oil reserves stand at about one billion tonnes.
Shares are distributed as follows: BP (operator in Azeri-Chirag-Guneshli) - 35.78 percent, Chevron - 11.27 percent, Inpex - 10.96 percent, AzACG - 11.65 percent, Statoil - 8.56 percent, Exxon - 8 percent, TPAO - 6.75 percent, Itochu - 4.3 percent and ONGC - 2.72 percent.
Translated by E.A.
Edited by S.I.
