About 500M tons of oil yet to be produced at ACG block - President Aliyev

  14 September 2017    Read: 1267
About 500M tons of oil yet to be produced at ACG block - President Aliyev

The share of Azerbaijan’s state oil company SOCAR under the new contract, which envisages development of the Azeri-Chirag-Gunashli (ACG) block of oil and gas fields in the Azerbaijani sector of the Caspian Sea until 2050, has increased from 11.6 percent to 25 percent, Azerbaijani President Ilham Aliyev said.

He made the remarks at the signing ceremony of the document in Baku Sept. 14.

Ilham Aliyev noted that the share of Azerbaijan’s profitable oil will be 75 percent, and bonus payments by foreign investors will reach $3.6 billion.

He added that 436 million tons of oil have been produced for 23 years of the development of the ACG block, and currently, about 500 million tons of oil are yet to be produced.

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