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Volumes of production from ACG block and Shah Deniz field announced

20 October 2018 10:25 (UTC+04:00)
Volumes of production from ACG block and Shah Deniz field announced

By Trend

Since the beginning of the development of the Azeri-Chirag-Guneshli (ACG) block of oil and gas fields, 3.5 billion barrels of oil have been extracted here, Bakhtiyar Aslanbayli, Communications, External Affairs, Strategy & Region Vice President at BP Azerbaijan-Georgia-Turkey said at the 3rd IAEE Eurasian Conference on Impact of Global Changes in the Energy Sector in the Caspian and Central Asia Region Oct. 19.

"Since the start of development, 3.5 billion barrels of oil have been extracted from the block of fields. During this period, 30 billion cubic meters of associated gas was also produced and transferred to the state," Aslanbeyli said.

The vice president of BP also briefed that during the development of the Shah Deniz gas condensate field, 96.5 billion cubic meters of gas and 130 million barrels of condensate were produced.

"In general, through the projects implemented by BP together with partners in Azerbaijan, $70 billion was invested in the country's oil and gas industry," Aslanbeyli said.

The reserves of the Shah Deniz field are estimated at 1.2 trillion cubic meters of gas. The contract for the development of the offshore Shah Deniz field was signed on June 4, 1996.

A contract for development of ACG block was signed in 1994. A ceremony to sign a new contract on development of the ACG block until 2050 was held in Baku Sept. 14, 2017.

Speaking about promising projects with the participation of BP in Azerbaijan, Aslanbeyli noted that next year, it is planned to drill two exploration wells in the shallows of the Absheron Peninsula.

"The first well will be drilled in 2Q2019. Later in the same year, it is also planned to drill the second well, and the third well will be drilled in 2020," Aslanbeyli said.

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