280m tons of oil produced from ACG: SOCAR
Around 280 million tons of oil have been extracted from Azerbaijan's Azeri-Chirag-Gunashli (ACG) block of fields in the Caspian Sea since the start of its development, an official of the state energy firm SOCAR has said.
Azerbaijan's profitable oil accounted for 104 million tons of the total volume of the produced ACG oil, SOCAR's First Vice President Khoshbakht Yusifzade said at the opening of a conference devoted to new technologies in oil and gas production in Baku on Thursday.
According to Yusifzade, the proven oil reserves of Azerbaijan amount to 2 billion tons, with those of gas at 2.55 trillion cubic meters. The projected hydrocarbon reserves in Azerbaijan are estimated at 10 billion tons of fuel equivalent, he said.
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