Volume of oil produced, exported from ACG and Shah Deniz announced

Since the commissioning of the Azeri-Chirag-Gunashli and Shah Deniz till September 1 this year, nearly 598.9 million tons of oil (including condensate) were extracted.

Report informs, citing operative data of the Ministry of Energy for January-August of 2022, that 560.2 million tons of oil were extracted from ACG, while 38.7 million tons of condensate from Shah Deniz.

597 million tons out of this were exported since September 1.

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 the field 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 shared production of the promising Shah Deniz areas was signed on June 4, 1996. The production sharing agreement was ratified on October 17, 1996.