SOCAR: Goal for ACG field - to achieve oil recovery factor of over 40%

The State Oil Company of Azerbaijan (SOCAR) aims to achieve an oil recovery factor of over 40% at the Azeri-Chirag-Gunashli (ACG) block of fields in the Azerbaijani sector of the Caspian Sea, SOCAR Vice President Babak Huseynov said at the event "Supporting production at ACG: New approaches and technologies," Report informs.

According to him, ACG is one of the key assets not only for Azerbaijan but also on a global scale: "This field contains billions of barrels of oil. To date, billions of barrels of oil have been produced from the field, and there are still reserves of billions of barrels of oil ahead to be produced."

Huseynov noted that the work on revitalizing ACG is the result of joint activities by SOCAR and BP: "SOCAR has formed an independent technical review of the potential of this field, which is one of Azerbaijan's greatest wealths. After that, we jointly determined a list of all projects, without going into technical details, and began their implementation."