Parviz Shahbazov: ACG has produced nearly 545M tons of oil so far

About 545 million tons of oil have been extracted from the Azeri-Chirag-Guneshli oil fields since its commissioning, Energy Minister Parviz Shahbazov said at a conference on "Azerbaijan's development model: Yesterday, today and tomorrow."

"SOCAR has received more than 49 million cubic meters of associated gas. About $ 155 million was earned from gas sales," he stressed.

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. On September 14, 2017, a new treaty was inked on the joint exploitation of these fields and production sharing. The agreement provides for the development of the fields by the end of 2049.

Shareholders in ACG are BP (30.37%), SOCAR (25%), MOL Group (replaced Chevron as of April 16, 2020 - 9.57%), INPEX (9.31%), Equinor (7.27%), ExxonMobil (6.79%), TPAO (5.73%), ITOCHU (3.65%), and ONGC Videsh Limited (OVL) (2.31%).