Volume of oil produced, exported from ACG, Shah Deniz revealed

About 594.8 million tons of oil (including condensate) were extracted from the Azeri-Chirag-Guneshli and Shah Deniz fields in the Azerbaijani sector of the Caspian Sea, from their commissioning until July 1, 2022, Report informs, citing the Azerbaijani Energy Ministry.

According to the ministry, 556.8 million tons of oil were extracted from Azeri-Chirag-Gunashli and 38 million tons of condensate from Shah Deniz.

From the time of their commissioning to July 1 of this year, Azerbaijan exported 593 million tons of oil (including condensate) from the Azeri-Chirag-Guneshli and Shah Deniz 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. The new production sharing agreement (PSA) for the joint exploration and development of Block 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%).