BAKU, Azerbaijan, February 19. By the end of 2024, BP and SOCAR may have established a plan to prevent a steep fall in output in the major Azeri-Chirag-Guneshli (ACG) oil-bearing block, bp's vice president for external relations and communications in the Caspian region Bakhtiyar Aslanbayli said, Trend reports.
"The rate of fall in ACG production exceeded our expectations a few years ago. But we must solve these difficulties. Discussions with SOCAR are still ongoing. I expect that during 2024, these conversations will come to a particular end and a certain program will be devised to avert a dramatic decrease in production at ACG," Bakhtiyar Aslanbayli said, answering Trend's question.
According to him, the situation with the decline in oil production at ACG will not lead to an early termination of the contract on the development of this block.
"We have the right to work at ACG until December 2049 for certain investments. If it is profitable, there is no point in leaving early, as oil production at ACG is still going on, although not in very large volumes," Aslanbayli noted.
In his opinion, it is not always possible to predict the situation with reservoirs (productive formations), but it is necessary to use economic and technological models that can minimize the decline in production at ACG.
To note, this block of Caspian fields has been in development since November 1997, and 586 million tons of oil have been extracted from it until February 1, 2024.
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