Ministry of Energy reveals volume of gas exported from ACG and Shah Deniz

As of June 1, the Azeri-Chirag-Guneshli block of oilfields in the Azerbaijani sector of the Caspian Sea has produced about 195.9 billion cubic meters of gas, Report informs citing the operative data of the Ministry of Energy for January-May.

According to the information, more than 168 billion cubic meters of gas have been extracted from the Shah Deniz field since its commissioning on June 1 this year.

During this period, more than 116 billion cubic meters of gas produced from the Shah Deniz field were exported.

ACG is the largest oil field block in Azerbaijan. The first production sharing agreement for the development of the field block was signed on September 20, 1994. The new production sharing agreement (PSA) for the joint exploration and development of Block was signed on September 14, 2017. The agreement envisages the development of the fields by the end of 2049.

The ACG shareholders are BP (30.37%), SOCAR (25%), MOL Group (9.57%, replaced Chevron on April 16, 2020), INPEX (9.31%), Equinor (7.27%), ExxonMobil (6.79%), TPAO (5.73%), ITOCHU (3.65%), ONGC Videsh Limited (OVL) (2.31%).

The agreement on exploration, development, and production sharing of the Shah Deniz field was signed on June 4, 1996. The Shah Deniz Production Sharing Agreement (PSA) was ratified on October 17, 1996. The field, located 70 km southeast of Baku, was discovered in 1999.

BP (operator - 29.99%), LUKoil (19.99%), TPAO (19%), SOCAR (14.35%), NICO (10%), SGC Upstream (6.7%) are involved in the project.