Azerbaijani Economy 10 january — 12:15

BP Azerbaijan: Total production from ACG fields exceeds 500 million tonnes

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A total of 500 million tonnes of oil has been produced since the commissioning of operation of Azeri-Chirag-Gunashli (ACG) oil fields in the Azerbaijan sector of the Caspian Sea, Azerbaijan State News Agency informs citing BP Vice President for Communications, External Affairs and strategy in Azerbaijan, Georgia and Turkey region Bakhtiyar Aslanbayli.

Aslanbayli noted that the ACG platform Chirag started producing oil on November 7, 1997. Since then, more than 500 million tonnes of oil have been extracted from the field's block. The 500 millionth tonne of oil from the ACG was produced at the end of December of last year.

Direct revenue of the Azerbaijani government from the ACG block of oil fields exceeds $140 billion. 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 (25.0%), Chevron (9.57%), INPEX (9.31%), Equinor (7.27%), ExxonMobil (6.79%), TPAO (5.73%), ITOCHU (3.65%), ONGC Videsh Limited (OVL) (2.31%).

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