123m tons of oil produced from ACG: energy exec
Over 123 million tons of oil and 26 billion cubic meters of gas
have been produced from Azerbaijan's Azeri-Chirag-Gunashli (ACG)
fields in the Caspian Sea since 1997, First Vice-President of the
state oil company SOCAR says.
Khoshbakht Yusifzada said recoverable hydrocarbon reserves from the field currently amount to 925 million tons of oil and 280 billion cubic meters of gas.
Whereas the reserves were estimated at 511m tons and 160bn cubic meters respectively when the country signed the major agreement called the Contract of the Century in 1994 with the world's giants to tap its vast energy fields, exploration work that followed revealed additional 400m tons and 120bn cubic meters.
Yusifzada said the investments made in the ACG project have reached $18.4bn. Over 800,000 barrels a day (110,000 tons) and 29m cubic meters of gas are currently produced from 46 wells drilled on the ACG fields.
The SOCAR executive went on to say that the country's oil production has been steadily increasing as a result of implementing the Contract of the Century. Output rose 4.7 times in 1997-2007. Whereas 9m tons of oil was produced in 1997, the figure made up 22.2m tons in 2005. The following year, oil production exceeded the record high of 23.5m tons registered in 1941 to hit 32.3m tons. Production continued to grow to reach 42.6m tons in 2007.
Yusifzada said oil output is predicted at 66-67m tons in 2010-2015. "The projection is due to the full-field development of the ACG field as well as the possibility of discovering new oil deposits in the Azeri sector of the Caspian. "All this allows to considerably beef up Azerbaijan's oil production in the near future."
ACG shareholders are BP (operator - 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%).
Khoshbakht Yusifzada said recoverable hydrocarbon reserves from the field currently amount to 925 million tons of oil and 280 billion cubic meters of gas.
Whereas the reserves were estimated at 511m tons and 160bn cubic meters respectively when the country signed the major agreement called the Contract of the Century in 1994 with the world's giants to tap its vast energy fields, exploration work that followed revealed additional 400m tons and 120bn cubic meters.
Yusifzada said the investments made in the ACG project have reached $18.4bn. Over 800,000 barrels a day (110,000 tons) and 29m cubic meters of gas are currently produced from 46 wells drilled on the ACG fields.
The SOCAR executive went on to say that the country's oil production has been steadily increasing as a result of implementing the Contract of the Century. Output rose 4.7 times in 1997-2007. Whereas 9m tons of oil was produced in 1997, the figure made up 22.2m tons in 2005. The following year, oil production exceeded the record high of 23.5m tons registered in 1941 to hit 32.3m tons. Production continued to grow to reach 42.6m tons in 2007.
Yusifzada said oil output is predicted at 66-67m tons in 2010-2015. "The projection is due to the full-field development of the ACG field as well as the possibility of discovering new oil deposits in the Azeri sector of the Caspian. "All this allows to considerably beef up Azerbaijan's oil production in the near future."
ACG shareholders are BP (operator - 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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