BAKU, Azerbaijan, June 7. Partner companies involved in Azerbaijan's primary Azeri-Chirag-Gunashli (ACG) oil project will deliberate on measures to stabilize the rate of production decline at this block of fields during a separate meeting this summer, an informed source exclusively told Trend.
"A meeting of the managing committee of the ACG project is scheduled for August. By that time, we may have received data from the unprecedented four-dimensional (4D) seismic survey conducted in the contract area since January 2024. The Steering Committee will discuss measures to mitigate the decline in oil production at ACG,” the source emphasized.
Meanwhile, bp, as the operator of production at ACG, plans to conduct a detailed study of reservoir geology and the structure of oil-bearing reservoirs from 2024 to 2028 through 4D seismic analysis (estimated at $370 million). This aims to identify areas within the ACG contract area containing sufficient hydrocarbon volumes for extraction.
From January through April 2024, ACG yielded 5.5 million tons of oil and 4.4 billion cubic meters of associated gas.
ACG's average daily oil production in the first quarter of 2024 stood at 339,000 barrels, compared to 386,000 barrels in the same period of 2023. Throughout 2023, ACG maintained an average daily production rate of 363,000 barrels, reaching the upper end of its production forecasts, with oil extracted from the Fasila and Balakhany horizons.
Speaking at the Baku Energy Forum on June 6, Roshni Moosai, Vice President Subsurface at bp for Azerbaijan, Georgia, and Türkiye region, highlighted that "state-of-the-art 4D technology will provide new and deeper insights into the ACG fields, aiding in minimizing future well contingencies and maximizing the field's oil recovery for decades to come."
The ACG contract is set to conclude in December 2049, with over 590 million tons of oil recovered from the field block thus far.
