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SOCAR anounces volume of profitable oil from ACG

11 March 2015 16:28 (UTC+04:00)
SOCAR anounces volume of profitable oil from ACG

The volume of oil produced from Azeri-Chirag-Guneshli (ACG) block in Azerbaijan from November 1997 to Mar.11, 2015 stood at 359.5 million metric tons, said Khoshbakht Yusifzadeh, first vice-president of the State Oil Company of Azerbaijan (SOCAR).

He made the remarks during the Caspian Energy Forum conference on Mar.11.

Yusifzadeh added that 196 million cubic meters of the abovementioned volume accounted for Azerbaijan’s profitable oil.

Furthermore, SOCAR’s first vice-president said that 22 million metric tons of profitable oil was produced in 2014.

“In the same period [since 1997], the volume of associated gas produced at ACG totaled 105.5 billion cubic meters,” he said. “The annual production is 88,000 metric tons of oil and 35 million cubic meters of gas.”

Furthermore, Yusifzadeh said that 60 billion cubic meters of gas and 15 million metric tons of condensate have been produced at Shah Deniz field since the beginning of its operation.

He added that 4.5 billion cubic meters of the total volume of produced gas was exported to Georgia, while 32 billion cubic meters was delivered to Turkey.

Yusifzadeh said that currently, Azerbaijan’s total proven gas reserve is 2.55 trillion cubic meters, while the forecasted reserve is nearly 6 billion cubic meters.

The contract for development of ACG field was signed in 1994. The proven oil reserve of the block nears 1 billion metric tons.

The shareholders of the project are: BP (operator in the Azeri-Chirag-Guneshli) - 35.78 percent, Chevron - 11.27 percent, Inpex - 10.96 percent, AzACG - 11.65 percent, Statoil - 8.56 percent, Exxon - 8 percent, TPAO - 6.75 percent, Itocu - 4.3 percent and ONGC - 2.72 percent.

The contract for development of the Shah Deniz offshore field was signed on June 4, 1996. The field’s reserve is estimated at 1.2 trillion cubic meters of gas.

The shareholders are: BP (operator) – 28.8 percent, AzSD – 10 percent, SGC Upstream – 6.7 percent, Statoil (15.5 percent), Lukoil – 10 percent, NICO – 10 percent and TPAO – 19 percent.

Norway’s Statoil sold its 15.5-percent share in the Shah Deniz project to the Malaysian Petronas oil and gas company. The transactions on the sale and purchase of shares haven’t been completed yet.

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