ACG produced 588,000 bpd last year

Baku. 16 February. REPORT.AZ/ Azeri-Chirag-Guneshli (ACG) field in the Azerbaijani sector of the Caspian Sea has produced last year averagely 588,000 barrels of oil daily or about 215 million barrels, that is 29 million tons of oil. The volume of production in 2017 was 6.75% less than in 2016.

Report informs, says the annual report of BP-Azerbaijan, the field's operator.

It was stated that stable output from the block continued safely and reliably during a year: "Together with the platforms total production from ACG for the year - Chirag (51,000), Central Azeri (137,000), West Azeri (124,000), East Azeri (82,000), Deepwater Gunashli (117,000) and West Chirag (77,000) made an average of 588,000 barrels/day or about 215 million barrels/day, which makes 29 million tons”.

At the year end, total of 115 production wells, 54 gas and water injector wells were operated in ACG.

Azerbaijan International Operating Company (AIOC) has invested over $ 456 million in the ACG project in 2017 and about $ 1,18 billion in expenditures.

In 2016, about $ 503 million and $ 1.45 billion of capital expenditures spent on the ACG project.

Notably, the Production Sharing Agreement (PSA) signed on September 20, 1994 in Baku. Azerbaijan International Operating Company (AIOC) was established in February, 1995. The BP controls the fields block on behalf of AIOC.

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

The participants of the project are: BP (30,37%- operator), AzACG SOCAR (25%), Chevron (9,57%), Inpex (9,31%), Statoil (7,27%), ExxonMobil (6,79%), TP (5,73%), Itochu (3,65%), ONGC Videsh Ltd. (2.31%).