ACG produced 485 million tonnes of oil so far

Azeri-Chirag-Guneshli (ACG) block of fields has produced 485 million tonnes of oil and 158 billion cubic meters of gas since 1997, Energy Minister of Azerbaijan Parviz Shahbazov said at the opening of the 26th International Caspian Oil & Gas Conference.

According to him, $36 billion has been invested in ACG.

"About $263 billion was invested in the country’s economy during past 23 years, of which $100.6 billion was invested in the oil sector. Today, on the one hand, we provide investments in oil industry and, on the other hand, we contribute to stabilizing oil prices. At the same time, we take measures to reduce dependence on oil and use oil as a product creating value added," he said.