ACG produced 7 mln tons of oil in Q1

Baku. 17 May. REPORT.AZ/ Total ACG production for the quarter 2018 was on average 597,000 barrels per day (b/d) (about 54 million barrels or 7 million tonnes in total).

Report informs referring to the Q1 results of BP-Azerbaijan.

The volume of production was 3.6% more than in the first quarter of last year.

It was noted that, ACG continued to safely and reliably deliver stable production. Oil production from the Chirag platform was 53,000 b/d, Central Azeri - 156,000 b/d, West Azeri - 123,000 b/d, East Azeri - 94,000 b/d, Deepwater Gunashli - 109,000 b/d and West Chirag -62,000 b/d. At the end of the year, there were 118 oil production wells and 52 gas and water injection wells in the ACG. During the quarter, five oil wells were drilled in the ACG.

Notably, the Production Sharing Agreement (PSA) signed on September 20, 1994 in Baku by the Government of Azerbaijan and a consortium of 11 foreign oil companies. In February 1995, Azerbaijan International Operating Company (AIOC) was established. AIOC controls field block on behalf of BP.

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.

ACG participating interests are: BP (30.37 per cent), SOCAR (25.0 per cent), Chevron (9.57 per cent), INPEX (9.31 per cent), Statoil (7.27 per cent), ExxonMobil (6.79 per cent), TPAO (5.73 per cent), ITOCHU (3.65 per cent), ONGC Videsh Limited (OVL) (2.31 per cent).