ACG oil output forecast at 316,400 barrels per day in 2027

Daily crude oil production from the Azeri–Chirag–Gunashli (ACG) block in Azerbaijan's sector of the Caspian Sea is forecast at 316,400 barrels in 2027, Report informs, citing the 2027 budget package.

The figure is 1,700 barrels, or 0.5%, below this year's forecast.

During the first three quarters of this year, ACG production averaged 320,000 barrels per day, totaling approximately 87 million barrels, or 12 million tons.

Profit tax payments from the ACG project to the state budget are projected at 320 million manats ($188.24 million) next year. This is 20 million manats ($11.76 million), or 6.7%, above this year's forecast and 28.3 million manats ($16.65 million), or 9.7%, higher than the actual figure for 2025.

"Despite declining production, the increase in budget revenue compared with the current year reflects the crude oil price of $75 per barrel assumed in the state budget for the fourth quarter of 2026. Operating expenditure is also projected to fall by 16.3% and capital expenditure by 3.3%," the document states.

ACG is Azerbaijan's largest oilfield block. The original production-sharing agreement was signed on September 20, 1994. An amended agreement on joint development and production sharing was signed on September 14, 2017, extending operations through the end of 2049.

The participating interests in ACG are BP, the operator, with 30.37%; SOCAR, 35.3%; MOL, 9.57%; INPEX, 9.31%; ExxonMobil, 6.79%; TPAO, 5.73%; and ONGC Videsh, 2.92%.