Azerbaijan discloses volume of oil exported in Jan.-Oct.2024

In January-October 2024, Azerbaijan exported a total of 19.9 million tons of oil (including gas condensate), Report informs, citing the country's Energy Ministry.

This figure is 1.1 million tons or 5.2% less compared to the first 10 months of 2023.

In the first 10 months of this year, the consortium exported 17.4 million tons of oil. This is 1.1 million tons or 5.9% less compared to January-October 2023.

During the past 10 months, the State Oil Company of Azerbaijan (SOCAR) maintained its oil exports at the same level compared to last year. SOCAR's oil exports amounted to 2.5 million tons in January-October 2024.

The first oil from the Azeri-Chirag-Gunashli (ACG) field block, located approximately 100 km off the Azerbaijani coast, was produced in 1997.

The first production sharing agreement for the development of the field block was signed on September 20, 1994. On September 14, 2017, a new agreement was signed for joint operation and production sharing of these fields. This agreement provides for the development of the fields until the end of 2049.

The ACG shareholders are BP (30.37%), SOCAR (25%), MOL Group (9.57%), INPEX (9.31%), Equinor (7.27%), ExxonMobil (6.79%), TPAO (5.73%), ITOCHU (3.65%), and ONGC Videsh Limited (OVL) (2.31%).