ACG produced 190m tons of oil: energy exec
A total of 190 million tons of crude has been
produced from Azerbaijan’s Azeri-Chirag-Gunashli (ACG) oil block in
the Caspian Sea to date, including 80 million tons of profit oil,
says Khoshbakht Yusifzada, First Vice-President of Azerbaijan’s
state oil company SOCAR.
Yusifzada told the seventh Azerbaijan International Geophysics Conference in Baku on Tuesday that the proceeds from profit oil are accumulated in the State Oil Fund (SOFAR) and are further channeled into boosting the South Caucasus republic’s development and the implementation of various projects.
According to him, prior to the signing of the "Contract of the Century" with foreign investors in 1994, domestic production of oil stood at 9m tons and that of gas constituted 3.5 billion cubic meters. For comparison’s sake, the figures made up 50m tons and 23.5bn cubic meters respectively as of the end of 2009.
The ACG Production Sharing Agreement (PSA), known as "the Contract of the Century", was signed in September 1994 and covers the 30-year development of the ACG contract area. The giant ACG deposit is the main source of oil for the BP-operated Baku-Tbilisi-Ceyhan (BTC) pipeline, which ships oil from the Caspian Sea to the Mediterranean.
ACG participating interests are: BP (34.1%), Chevron (10.2%), SOCAR (10%), INPEX (10%), Statoil (8.6%), ExxonMobil (8%), TPAO (6.8%), Devon (5.6%), ITOCHU (3.9%), and Hess (2.7%).*
Yusifzada told the seventh Azerbaijan International Geophysics Conference in Baku on Tuesday that the proceeds from profit oil are accumulated in the State Oil Fund (SOFAR) and are further channeled into boosting the South Caucasus republic’s development and the implementation of various projects.
According to him, prior to the signing of the "Contract of the Century" with foreign investors in 1994, domestic production of oil stood at 9m tons and that of gas constituted 3.5 billion cubic meters. For comparison’s sake, the figures made up 50m tons and 23.5bn cubic meters respectively as of the end of 2009.
The ACG Production Sharing Agreement (PSA), known as "the Contract of the Century", was signed in September 1994 and covers the 30-year development of the ACG contract area. The giant ACG deposit is the main source of oil for the BP-operated Baku-Tbilisi-Ceyhan (BTC) pipeline, which ships oil from the Caspian Sea to the Mediterranean.
ACG participating interests are: BP (34.1%), Chevron (10.2%), SOCAR (10%), INPEX (10%), Statoil (8.6%), ExxonMobil (8%), TPAO (6.8%), Devon (5.6%), ITOCHU (3.9%), and Hess (2.7%).*
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