BAKU, Azerbaijan, July 31. New data released by the Chamber of Accounts of Azerbaijan reveals the 2024 oil production performance of several key oil fields in the country, Trend reports.
At the Azeri-Chirag-Gunashli (ACG) block, production was nearly on target, with an approved forecast of 125.2 million barrels and actual output reaching 125 million barrels, achieving 99.84% of the planned volume.
BP Exploration (Caspian Sea) Limited is the operator on behalf of the Contractor Parties to the ACG Production Sharing Agreement.
ACG participating interests are: bp (30.37%), SOCAR (31.65%), MOL (9.57%), INPEX (9.31%), ExxonMobil (6.79%), TPAO (5.73%), ITOCHU (3.65%), ONGC Videsh (2.92%).
The Zigh-Hovsan-Absheron field saw a slightly lower performance, with an approved target of 0.477 million barrels compared to actual production of 0.452 million barrels, resulting in a 94.72% implementation rate.
The Zigh oil field is located in the northeast of Baku and has been in operation since 1935. The Hovsan oil field is situated 20 kilometers from Baku, to the south of the Absheron Peninsula, and has been in operation since 1948.
Kurovdagh field recorded an approved forecast of 1.01 million barrels, but actual production amounted to 0.9 million barrels, achieving 92.04% of the target.
The Kurovdagh oil field is located 120 km southwest of Baku, near the city of Shirvan, and is part of the Lower Kur oil and gas region. Since 1997, the rehabilitation of Kurovdagh has been carried out by the Shirvan Oil joint venture, in which Caspian Energy Group owns a 51% stake. By the end of 2005, Shirvan Oil had invested more than $40 million in the development of the field. According to the agreement, the 50% ownership in the project is split between SOCAR and Caspian Energy Group.
