Azerbaijan sold 246 mln tons of profit oil within ACG project

Baku. 1 November. REPORT.AZ/ Azerbaijan has sold 246 mln tons of profit oil produced from Azeri and Chirag fields, as well as deep-water deposits of Gunashli field (ACG project, Contract of the Century) located in Azerbaijani sector of the Caspian Sea by October 1, 2017.

Report informs, Advisor to the First Vice President of the State Oil Company of Azerbaijan Republic (SOCAR) Alakbar Abbasov said at the Caspian Technical Conference and Exhibition in Baku (November 1-3).

According to him, from the beginning of development till now 438 mln. tons of oil and 138 billion cubic meters of natural gas produced.

Abbasov also added that at the reporting period, 459 mln. tons of Azerbaijani oil delivered to the world market and 342 mln. tons transported via the Baku-Tbilisi-Ceyhan pipeline.

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.

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