BAKU, Azerbaijan, July 9
By Nargiz Ismayilova – Trend:
Azerbaijan produced 17.8 million tons of oil and gas condensate in the first half of 2020, which is 1 million tons less compared to the same period of 2019, Trend reports on July 9 referring to the country’s Ministry of Energy.
In the reporting period, over 68 percent or 12.2 million tons of the extracted oil and gas condensate were produced at Azeri-Chirag-Deepwater Gunashli (ACG) field, and 10.7 percent or 1.9 million tons of gas condensate – at Shah Deniz field. Over 20.7 percent or 3.7 million tons of all production accounted for the State Oil Company of Azerbaijan (SOCAR).
In the first six months of 2020, most of the oil along with gas condensate (82.6 percent) was exported in the amount of 14.7 million tons, which is 900,000 tons (5.9 percent) less compared to the same period of 2019. Meanwhile, 95.9 percent or 14.1 million tons of the exported oil was produced by AIOC consortium, and 4.1 percent or 600,000 tons of exported oil accounted for SOCAR.
In total, 541.2 million tons of oil and gas condensate were produced at the ACG (512.6 million tons) and Shah Deniz (28.6 million tons) fields from their commissioning to July 1, 2020.
From January through June 2020, 3 million tons of oil were refined, which is 79,000 tons less compared to the same period of 2019.
The Azeri-Chirag-Gunashli Production Sharing Agreement, which later became known as the “Contract of the Century”, was signed between the government of Azerbaijan and AIOC consortium representing a group of international oil companies on September 20, 1994. The Contract was extended in September 2017 until 2050.
ACG participating interests are: BP (30.37 percent), SOCAR (25 percent), Chevron (9.57 percent), INPEX (9.31 percent), Equinor (7.27 percent), ExxonMobil (6.79 percent), TPAO (5.73 percent), ITOCHU (3.65 percent), and ONGC Videsh Limited (OVL) (2.31 percent).
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