A contract for development of ACG block of fields was signed in 1994. The proven oil reserve of the block nears one billion tons.
The shareholders of the project are: BP (operator in the Azeri-Chirag-Guneshli) - 35.78 percent, Chevron - 11.28 percent, Inpex - 10.96 percent, AzACG - 11.65 percent, Statoil - 8.55 percent, Exxon – eight percent, TPAO - 6.75 percent, Itochu - 4.3 percent and ONGC - 2.72 percent.
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