Azerbaijan’s ACG block holds 1bn tons of oil: energy exec
Recoverable reserves at Azerbaijan’s major Azeri-Chirag-Gunashli
fields in the Caspian Sea are currently estimated at 1 billion tons
of oil and 350 billion cubic meters of gas, Rovnag Abdullayev, the
president of Azerbaijan’s state energy firm SOCAR, said
Wednesday.
He told the Caspian oil and gas conference in Baku that the
reserves of the fields have turned out to be double the volume
projected initially, following exploration. According to
Abdullayev, the Chirag Oil Project, which will be developed under
an agreement signed in March, will allow extending the period of
high production rate at ACG by up to three years.*
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