ACG production down 4% in 2021

In 2021, 167.01 million barrels of oil were extracted from the Azeri-Chirag-Guneshli (ACG) oilfield block, 7.59 million barrels or 4.35% less than the same period in 2020, Report informs citing the review by the Chamber of Accounts on the “Annual report on the execution of the budget of the State Oil Fund of the Republic of Azerbaijan for 2021.”

Last year, the block was expected to produce 171.6 million barrels of oil, which is 4.59 million barrels or 2.67% less than the actual figure.

ACG is the largest oil field block in Azerbaijan. The first production sharing agreement for the development of the field block was signed on September 20, 1994. The new production sharing agreement (PSA) for the joint exploration and development of Block on September 14, 2017. The agreement envisages the development of the fields by the end of 2049.

The ACG shareholders are BP (30.37%), SOCAR (25%), MOL Group (9.57% replaced Chevron on April 16, 2020), INPEX (9.31%), Equinor ”(7.27%), ExxonMobil (6.79%), TPAO (5.73%), ITOCHU (3.65%), ONGC Videsh Limited (OVL) (2.31%).