28.9 mln tons of oil produced from ACG block in 2017

Baku. 30 January. REPORT.AZ/ Last year, 28 906,4 thousand tons of crude oil was extracted from "Azeri-Chirag-Gunashli" (ACG) fields block in the Azerbaijani sector of the Caspian Sea.

Report informs referring to the government, volume of oil production in ACG last year decreased by 6.8% compared to 2016.

Over the past year, a total of 38 688,9 thousand tons of oil (less by 5.7% than in 2016) was produced in the country. 28 906,4 thousand tons of produced oil accounted for ACG, 2 355,4 thousand tons for "Shah Deniz" (condensate), 7 427,1 thousand tons for the State Oil Company of Azerbaijan Republic (SOCAR).

Notably, agreement on joint development of ACG fields block and production sharing (PSA) was signed on September 20, 1994.

Amended and restated agreement on ACG joint development and production sharing until 2050 was signed on September 14, 2017. The agreement was ratified by the Azerbaijani Parliament on October 31.

It is forecasted that volume of crude oil production from the ACG fields block will make 28 mln tons (204.4 million barrels) in 2018.