A stake in the project for development of Azeri-Chirag-Gunashli (ACG) block of oil fields in the Azerbaijani sector of the Caspian Sea can be crucial to fulfilling growth ambitions, Ashley Sherman, Principal Research Analyst – Caspian & Europe at Wood Mackenzie told Trend.

Azerbaijan's State Oil Fund has announced its revenues from sales of oil and gas from Azeri-Chirag-Guneshli and Shah Deniz fields, the Fund's Public Relations Department said on June 3.

The total volume of BP’s capital expenditure on Azerbaijan’s oil and gas projects between 1995 and 2019 amounted to $75 billion, BP said in its “Sustainable report of BP in Azerbaijan in 2019” published recently.

Azerbaijan increased the volume of the gas production by 15 percent or 1.8 billion cubic meters in the first four months of 2020 compared to the same period in 2019, press-service of the Ministry of Energy reported on May 21.

The volume of oil produced from the block of Azeri-Chirag-Guneshli (ACG) fields amounted to 505 million tons as of April 1, 2020, the Azerbaijani Energy Ministry has disclosed in a report published in the local media.

As part of the new agreement on the block of Azeri-Chirag-Gunashli fields, the international partners transferred the second bonus payment worth $450 million to the State Oil Fund of Azerbaijan (SOFAZ), local media reported referring to a report on the activity of the Azerbaijani Cabinet of Ministers in 2019.

BP plans to ramp up production at Azerbaijan’s Shah Deniz gas field and maintain stable output at the Azeri-Chirag-Guneshli (ACG) oilfields this year, a senior regional official at the British oil major said on Monday, Trend with reference to Reuters reports.

The State Customs Committee of Azerbaijan has disclosed statistics on oil, gas and electricity exports.

From Oct. 15, production on the West Chirag platform has been suspended for about 15 days, Trend reports.

Azeri-Chirag-Gunashli (ACG) was a landmark contract for Azerbaijan and for the whole Caspian region, Elena Anankina, credit analyst focusing on energy and the primary analyst on SOCAR at S&P Global Platts told Trend.