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Azerbaijan reduces production from largest oil field

Azerbaijan reduces production from largest oil field

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Date: 15 January 2016 17:47

Baku, Azerbaijan, Jan. 15

By Maksim Tsurkov – Trend:

Some 31 million tons of oil were produced from a block of oil fields Azeri-Chirag-Guneshli (ACG) in Azerbaijan in 2015, Azerbaijani Energy Minister Natig Aliyev’s article published in the official press said Jan. 15.

"This index is by 867,000 tons more than the projected level," the article says.

The ACG production amounted to 31.5 million tons of oil in 2014. Thus, the production decreased by 1.6 percent at the field during a year.

In total, Azerbaijan produced 41.6 million tons in 2015 compared to 42.4 million tons produced in 2014.

The contract for the Azeri-Chirag-Guneshli development was signed in 1994. Shares in the contract are as follow: BP (operator) - 35.78 percent, Chevron - 11.27 percent, Inpex - 10.96 percent, AzACG - 11.65 percent, Statoil - 8.56 percent, Exxon - eight percent, TPAO - 6.75 percent, Itochu - 4.3 percent and ONGC - 2.72 percent.

The geological oil reserves on the ACG block amount to more than two billion tons. More than one billion tons of this volume account for recoverable reserves.

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Follow the author on Twitter: @MaksimTsurkov

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