AIOC hands over 127 mln barrels crude oil in 2016

Baku. 8 December. REPORT.AZ/ Shareholders of the "Azeri-Chirag-Gunashli" (ACG) project (Azerbaijan International Operating Company, AIOC) handed over 127.4 mln barrel crude oil to the state in 2016.

Report informs, says final version of the 2016 EIT report made the Moore Stephens Azerbaijan.

45.6 million barrel of this volume accounted for BP, 14.8 mln barrel for Azerbaijan (ACG) Ltd. (SOCAR), 14.4 mln barrel for Chevron, 13.9 mln barrel for Inpex, 10.9 mln barrel for Statoil, 10.2 mln barrel for ExxonMobil, 8.6 mln barrel for TPAO, 5.5 mln barrel for Itochu, 3.5 mln barrel for ONGC Videsh Ltd.

Notably, agreement on joint development of ACG fields block and production sharing (PSA) was signed on September 20, 1994. AIOC was established in February 1995. Operator of the fields block is BP, acting on behalf of AIOC. Participating interest in ACG in 2016 was as followings: BP (operator - 35,8%), SOCAR (11,6%), Chevron (11,3%), Inpex (11%), Statoil (8,6%), ExxonMobil (8%), TPAO (6,8%), Itochu (4,3%), ONGC Videsh Ltd. (OVL, 2,7%).

Amended and restated agreement on ACG was signed on September 14 this year. The agreement was ratified by the Azerbaijani Parliament on October 31. Participating interests of partners in the new agreement are: BP - 30,37%, AzACG (SOCAR) - 25,00%, Chevron - 9,57%, Inpex - 9,31%, Statoil - 7,27%, ExxonMobil - 6,79%, TP - 5,73%, Itochu - 3,65%, ONGC Videsh Ltd. (OVL) - 2.31%.