ACG produces 445 mln tons of oil prior to December 2017

Baku. 4 January. REPORT.AZ/ From the beginning of development of the block of fields up to December 1, 2017, Azeri-Chirag-Guneshli (ACG) fields located in the Azerbaijan's sector of the Caspian Sea produced 445 mln. tons of oil and 140 bln. cubic meters of natural gas.

Report informs, First Vice-President of the State Oil Company of Azerbaijan Republic (SOCAR), Khoshbakht Yusifzade said.

According to him, until that date 250 mln tons of profit oil in Azerbaijan's share were sold in world markets: “This is 56% of all profit oil sold in the world market”.

First Vice-President noted that until December 2017, 460 mln tons of oil delivered to the world markets, 350 mln. tons of which were transported through the Baku-Tbilisi-Ceyhan (BTC) pipeline.

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

Thus, amended and restated agreement was signed on September 14, 2017, on the joint development and production sharing (PSA) for the Azeri, Chirag fields and the Deep Water Portion of the Gunashli field (ACG) until 2050. The agreement was ratified by Azerbaijani parliament on October 31, 2017.

In the new agreement, share of profit oil to Azerbaijan permanently defined at 75%.