Investments in Azerbaijani largest oil project exceed $40 bn

Jun 02, 2016 12:00 AM

Over $41 billion have been invested up till now in the development of Azerbaijan's Azeri-Chirag-Guneshli (ACG) block of oil and gas fields, where Azeri Light oil is produced, said Rovnag Abdullayev, president of the State Oil Company of Azerbaijan Republic (SOCAR).

Abdullayev made the statement at the Caspian Oil & Gas Conference in Baku June 2. The conference kicked off on June 1.

The contract on development of the ACG block of oil and gas fields, called as the Contract of the Century was signed between SOCAR and foreign partners in 1994. BP is the operator of the development of the ACG block of oil and gas fields.

"Five more billion barrels of oil will be produced from the ACG block until the expiration of the current contract in 2024," he said. "Four more billion barrels of oil are planned to be produced from the ACG block of oil and gas fields through drawing investments and using new technologies as part of the further development of the ACG block of oil and gas fields."

The oil from the ACG block is exported via the Baku-Tbilisi-Ceyhan and Baku-Supsa pipelines, as well as by railway to the Georgian port of Batumi.

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