Socar: Nearly half of ACG output Azerbaijan`s profit oil
Some 272 million tons of oil have so far been produced from Azerbaijan`s major Azeri-Chirag-Gunashli (ACG) block of fields in the Caspian Sea, with 134 million tons of the volume being Azerbaijan`s profit oil, the state energy firm Socar`s First Vice President Khoshbakht Yusifzada has said.
In the first five months of 2012, 15 million tons of oil were produced from the fields, 9.4 million tons of which accounted for Azerbaijan, Yusifzada said at the International Caspian oil & gas exhibition in Baku last week.
Over the past few years, he said, two new gas-condensate fields have been discovered in the Azerbaijani sector of the Caspian Sea -- Umid with reserves of 200 billion cubic meters of gas and 40 million tons of condensate and Absheron with gas reserves of 350 billion cubic meters and 45 million tons of condensate.
Under the PSA contracts signed from 1996 to 2011, 34 wells were drilled. As a result, Azerbaijan`s proven hydrocarbon reserves exceed 2.7 billion tons of standard fuel.
Here we are to serve you with news right now. It does not cost much, but worth your attention.
Choose to support open, independent, quality journalism and subscribe on a monthly basis.
By subscribing to our online newspaper, you can have full digital access to all news, analysis, and much more.
You can also follow AzerNEWS on Twitter @AzerNewsAz or Facebook @AzerNewsNewspaper
Thank you!