Baku, Azerbaijan, June 5
By Emil Ismayilov - Trend:
Azerbaijan exported around 178.8 million tonnes of profit oil from the Azeri-Chirag-Guneshli (ACG) oil and gas fields' block as of June 1, Khoshbakht Yusifzadeh, the First Vice-President of State Oil Company of Azerbaijan (SOCAR) said on June 5 at the 21st International Caspian Oil and Gas-2014 Conference held in Baku.
Yusifzadeh underscored that the share of Azerbaijan's profit oil in the Azeri-Chirag-Guneshli offshore field development project is growing; the production volume at the block made 32.7 million tonnes in 2013 and 22.5 million tonnes (68.8 percent) of this volume fell to the profit oil's share.
Some 347 million tonnes of oil produced at the ACG was supplied to world markets as of June 1. Around 247.4 million tonnes of this volume was transported via the Baku-Tbilisi-Ceyhan oil pipeline, 68 million tonnes - via the Baku-Supsa pipeline, 11.3 million tonnes - Baku-Novorossiysk and 20.3 million tonnes were transported via the railway.
The contract on the Azeri-Chirag-Guneshli offshore field development project was signed in 1994. The agreement is valid for 30 years. The proven oil reserves of the field is estimated about one billion tonnes.
Shares in the contract for development of the Azeri-Chirag-Guneshli block of fields is 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 - eight percent, TPAO - 6.75 percent, Itochu - 4.3 percent and ONGC - 2.72 percent.
Edited by S.I.
