ACG oil production falls 0.5% last year

During 2013 32,717,000 tons of oil was extracted on the bloc of oil and gas fields Azeri-Chirag-Guneshli (ACG) in the Azerbaijani sector of the Caspian Sea, reads the article by Azerbaijan Energy Minister Natig Aliyev published in Azerbaijan newspaper on Wednesday.

Minister said that during last year 2.1 million tons above the forecast was extracted on ACG, because the international consortium has earlier forecasted extraction of 30,326,000 tons.

Achievement of these results has become possible owing to the measures to stabilize production on the bloc taken by the partners in 2013.

During 2013 32.9 million tons of oil was extracted on ACG. Considering information provided by the Azerbaijan Energy Minister, last year oil production on ACG decreased by only 0.5%.

The contract for development of ACG offshore field was concluded in 1994. The shares in the contract are distributed as following: BP (operator) – 35.78%, SOCAR – 11.65%, Chevron – 11.27%, Inpex – 10.96%, Statoil – 8.56%, Exxon – 8%, ТРАО – 6.75%, Itocu – 4.3% and ONGC – 2.72%

ANN.Az