Production from ACG increased

Baku. 1 August. REPORT.AZ/ In the first half of 2018, ACG continued to safely and reliably deliver stable production. Total ACG production for the six months was on average 596,000 barrels per day (b/d) (about 108 million barrels or 15 million tonnes in total).

Report informs, the field operator BP-Azerbaijan informed.

In the first half of 2017 ACG production totalled 106 million. barrels, i.e more than 14 million. tons.

Notably, production from the Chirag was 49,000 b/d, Central Azeri (158,000 b/d), West Azeri (127,000 b/d), East Azeri (96,000 b/d), Deepwater Gunashli (107,000 b/d) and West Chirag (59,000 b/d) platforms. 

At the end of June, 116 oil wells were producing, while 53 wells were used for gas and water injection. ACG completed 6 oil producer wells and 2 water injectors in the first half of 2018.

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. In February 1995, Azerbaijan International Operating Company (AIOC) was established. AIOC controls field block on behalf of BP. Amended and restated agreement was signed on September 14, 2017, on joint development of the ACG block and production sharing. The agreement was ratified by Azerbaijani parliament on October 31. The new agreement envisages the development of the field by 2050.

ACG participating interests are: BP (30.37 per cent), SOCAR (25.0 per cent), Chevron (9.57 per cent), INPEX (9.31 per cent), Equinor (7.27 per cent), ExxonMobil (6.79 per cent), TPAO (5.73 per cent), ITOCHU (3.65 per cent), ONGC Videsh Limited (OVL) (2.31 per cent).