Volume of ACG, Shah Deniz production unveiled

Total production from Azeri-Chirag-Guneshli (ACG) block of fields and Shah Deniz from the launch date to May 1 made up 535 million tonnes of oil and 293 billion cubic meters of gas, Report informs, citing Energy Ministry.

From these fields, 538.7 million tonnes of oil (including condensate) and 81.6 billion cubic meters of gas have been exported.

On September 20, 1994, the Government of Azerbaijan and a group of international oil companies representing eight countries signed the Azeri-Chirag-Gunashli Production Sharing Agreement, which later became known as the “Contract of the Century.” On September 14, 2017, the ACG PSA was extended until the end of 2049.

The Shah Deniz (SD) field was discovered in 1999. It is one of the world’s largest gas-condensate fields. It is located on the deep-water shelf of the Caspian Sea, 70 km south-east of Baku. The Shah Deniz PSA was ratified on October 17, 1996.