Azerbaijan sees decrease in ACG oil production

In 2020, the Azeri-Chirag-Guneshli (ACG) block of fields located in the Azerbaijani sector of the Caspian Sea produced a total of about 175 million barrels (23.6 million tons) of oil, Report informs, referring to a joint report of BP Azerbaijan and partners.

The volume of average daily production amounted to 477,000 barrels.

This is while the ACG production from the Chirag platforms amounted to 34,900 b/d, Central Azeri - 113,200 b/d, West Azeri - 118,900 b/d, East Azeri - 64,200 b/d, Deepwater Gunashli - 95,400 b/d and West Chirag - 50,400 b/d.

At the end of 2020, 127 oil wells were producing, while 45 wells were used for water and eight for gas injection.

In 2020, ACG completed 11 oil producer and 2 injector wells.

ACG is the largest oil field block in Azerbaijan. The first production sharing agreement for developing the field block was signed on September 20, 1994, while a new deal on the joint exploitation of these fields and production sharing was reached on September 14, 2017. The agreement provides for the development of the areas by the end of 2049.

ACG participating interests are: BP (30.37%), SOCAR (25%), MOL (replaced Chevron as of 16 April 2020 (9.57%), INPEX (9.31%), Equinor (7.27%), ExxonMobil (6.79%), TPAO (5.73%), ITOCHU (3.65%), ONGC Videsh Limited (OVL) (2.31%).