Azerbaijan explains decline of its oil exports

25 January 2018 14:12 (UTC+04:00)

By Trend:

Azerbaijan’s total oil exports fell to 33 million tons in 2017 from 33.9 million tons a year earlier, Reuters reported quoting an official of the country’s state oil company SOCAR.

The SOCAR official said that decline was mainly due to a drop in oil production at the Azeri-Chirag-Gunashli (ACG) block of oil and gas fields.

A contract for developing the ACG block was signed in 1994. A ceremony to sign a new contract on development of the ACG block of oil and gas fields was held in Baku Sept. 14, 2017.

The new ACG participating interests are as follows: BP - 30.37 percent; AzACG (SOCAR) - 25 percent; Chevron - 9.57 percent; INPEX - 9.31 percent; Statoil - 7.27 percent; ExxonMobil - 6.79 percent; TP - 5.73 percent; ITOCHU - 3.65 percent; ONGC Videsh Limited (OVL) - 2.31 percent.

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