ACG rated third among world`s major oil fields
US-based consulting company Cambridge Energy
Research Associates (CERA) has rated Azerbaijan`s
Azeri-Chirag-Gunashli (ACG) block in the Caspian Sea third among
the world`s 20 major oil fields.
The ACG fields are being developed under the historic 1994 production sharing agreement signed by the Azerbaijani government and foreign energy companies, referred to as the Contract of the Century. Total capital investments in the BP-operated project amount to $20 billion. ACG reserves are estimated at 1 billion barrels of oil.
According to CERA, daily flow-rate from the fields is currently 850,000 barrels.
The Ghawar oil field in Saudi Arabia producing 5 million bpd topped the rating, while the onshore Burgan field in southeastern Kuwait, with the flow-rate of 1.2 million bpd, was rated second.
The ACG fields are being developed under the historic 1994 production sharing agreement signed by the Azerbaijani government and foreign energy companies, referred to as the Contract of the Century. Total capital investments in the BP-operated project amount to $20 billion. ACG reserves are estimated at 1 billion barrels of oil.
According to CERA, daily flow-rate from the fields is currently 850,000 barrels.
The Ghawar oil field in Saudi Arabia producing 5 million bpd topped the rating, while the onshore Burgan field in southeastern Kuwait, with the flow-rate of 1.2 million bpd, was rated second.
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