During the first quarter, Azerbaijan International Operating Company (AIOC) delivered an average of 7.9 million cubic meters per day of ACG associated gas to SOCAR (0.7 billion cubic meters in total), primarily at the Sangachal Terminal but also SOCAR’s Oil Rocks facility, up 40% from the previous year, Report informs, citing BP-Azerbaijan.
The remainder of the associated gas produced was re-injected for reservoir pressure maintenance.
The initial ACG Production Sharing Agreement (PSA) was signed on 20 September 1994. Since that time, around $38 billion of investment has been made into the development of the ACG field. In 2017, the ACG PSA was extended until the end of 2049.
ACG participating interests are: BP (30.37%), SOCAR (25.0%), MOL (replaced Chevron as of 16 April 2020 (9.57%), INPEX (9.31%), Equinor (7.27%), ExxonMobil (6.79%), TPAO (5.73%), ITOCHU (3.65%), ONGC Videsh Limited (OVL) (2.31%).