Output of ACG block residual reserves needs $ 33 bln

Baku. 31 October. REPORT.AZ/ During development of "Azeri, Chirag, Deepwater Gunashli" fields block in the Azerbaijani sector of the Caspian Sea, amount of total expenses on the project made $ 43.5 bln.

Report informs, Valeh Alasgarov, Deputy Chairman of Azerbaijani Parliament (Milli Majlis) said at today's plenary session.

"The substantial costs were about $ 35 billion. During implementation period of the project Azerbaijan has gained profit oil of about $ 130 billion. The profit tax paid by contracting companies in this period totaled up $ 15 billion", vice speaker said.

According to him, volume of recoverable reserves in the agreement area is about 500 mln. tons: "However, new oil reserves is expected to be discovered. Over $ 33 bln is required for output of reserves".

Alasgarov noted that according to the terms of the restated ACG agreement, share of SOCAR's subsidiary, AzACG soared to 25%: "Gross share of foreign companies remains at 75%. Terms of the implementation in the agreement not changed. The parties agreed that 90% of engineers and technicians and 95% of workforce will be Azerbaijani citizens".