Share of Azerbaijan’s profitable oil increases

  18 January 2017    Read: 1141
Share of Azerbaijan’s profitable oil increases
Azerbaijan has produced 416.5 million tons of oil and 128.2 billion cubic meters of associated gas from the Azeri-Chirag-Gunashli (ACG) block of oil and gas fields in the Caspian Sea in November 1997 – Jan. 1, 2017, Khoshbakht Yusifzade, first vice president of Azerbaijan’s state oil company SOCAR, said in his article posted Jan. 18 in the country’s official press.
He noted that 2.5 million tons of oil and more than one billion cubic meters of gas are monthly produced at the ACG block of oil and gas fields in the Caspian Sea.

He added that 231.8 million tons of the total volume of the oil produced at the ACG block of oil and gas fields in the Caspian Sea accounted for profitable oil.

“The share of Azerbaijan’s profitable oil is increasing year by year,” Yusifzade said in his article. “In 2016, Azerbaijan exported 32.7 million tons of oil to global markets. Out of this volume 19.3 million tons of oil (59 percent) accounted for Azerbaijan’s profitable oil.”

He noted that out of 435.4 million tons of oil exported by Azerbaijan in total, 321.7 million tons of oil was transported via the Baku-Tbilisi-Ceyhan pipeline.

A 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, 35.78 percent), Chevron (11.27 percent), Inpex (10.96 percent), AzACG (11.65 percent), Statoil (8.55 percent), Exxon (8 percent), TPAO (6.75 percent), Itocu (4.3 percent) and ONGC (2.72 percent).

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