Volume of oil and gas produced so far from ACG and Shah Deniz revealed

The Azeri-Chirag-Gunashli (ACG) field block and Shah Deniz field located in the Azerbaijani sector of the Caspian Sea have produced about 653.5 million tons of oil (including condensate) as of March 1, 2025, Report informs, citing the Energy Ministry of Azerbaijan.

As of March 1, 473.1 billion cubic meters of gas had been produced.

During this period, 604.2 million tons of oil and 232 billion cubic meters of gas were produced from ACG, and about 49.3 million tons of condensate and 241.1 billion cubic meters of gas were produced from Shah Deniz.

According to the Energy Ministry, as of March 1, 651.5 million tons of oil and 172.8 billion cubic meters of gas were exported from these fields.

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. On September 14, 2017, a new agreement was signed on the joint exploitation of these fields and the production sharing. This agreement provides for the development of the fields until the end of 2049.

ACG shareholders are BP (30.37%), SOCAR (31.65%), MOL Group (9.57%), INPEX (9.31%), ExxonMobil (6.79%), TPAO (5.73%), ITOCHU (3.65%), ONGC Videsh Limited (OVL) (2.92%).

The Shah Deniz prospect exploration, development and production-sharing agreement was signed on June 4, 1996. The Shah Deniz production-sharing agreement was ratified on October 17, 1996. The field, located 70 km southeast of Baku, was discovered in 1999.

The project is being carried out by BP (operator – 29.99%), LUKoil (19.99%), TPAO (19%), NICO (10%), Southern Gas Corridor (16.02%) and MVM (5%).