Azerbaijan produces nearly 400 mm tons of oil from ACG block

May 26, 2016 12:00 AM

Azerbaijan has produced 398 million tons of oil from the Azeri-Chirag-Guneshli (ACG) block of oil and gas fields since November 1997, said Khoshbakht Yusifzade, first vice-president of Azerbaijan's state oil company SOCAR.

He made the remarks at a meeting held in the House of Scientists of Azerbaijan's National Academy of Sciences May 26.

Yusifzade added that 220 million tons of this volume accounted for Azerbaijan's profitable oil.

The State Oil Fund of Azerbaijan (SOFAZ) received $1.493 billion in January-April 2016 as part of the implementation of the ACG project.

The contract for developing the ACG field was signed in 1994. The proven oil reserve of the block nears 1 billion tons.

The shareholders of the project are: BP (operator in the Azeri-Chirag-Guneshli) - 35.78 percent, Chevron - 11.27 percent, Inpex - 10.96 percent, AzACG - 11.65 percent, Statoil - 8.56 percent, Exxon - 8 percent, TPAO - 6.75 percent, Itocu - 4.3 percent and ONGC - 2.72 percent.

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