Azernews.Az

By Rasana Gasimova

Azerbaijan's direct revenues from the Azeri-Chirag-Gunashli (ACG) block of fields exceeds $140 billion, BP Vice President for Communications, External Affairs and Strategy in Azerbaijan, Georgia and Turkey Bakhtiyar Aslanbayli.

He made the remark at the 2nd Republican Forum of Foreign Trade Participants held in Baku on December 20, local media reported.

Aslanbayli noted that 112 billion cubic meters of gas have been extracted so far from the Shah Deniz gas condensate field.

An agreement on joint development and shared distribution of production from the block of ACG fields was signed on September 20, 1994 in Baku. The day of the signing of PSA agreement is celebrated as The Day of Oilworkers in Azerbaijan. September 14, 2017 marked the signing of an amended and re-developed agreement, which provides for the development until 2050.

ACG is a complex of oil fields in the Caspian Sea, about 120 kilometres (75 mi) off the coast of Azerbaijan. It consists of Azeri and Chirag oil fields, and the deepwater portion of the Guneshli oil field.

Media reports indicate that according to American Consulting Association IHS CERA (Cambridge Energy Research Associates), the Azeri–Chirag–Guneshli is the third largest oil-field development out of 20 listed. Total investment is estimated at $20 billion.

The ACG participating interests are as follows: BP - 30.37 percent; AzACG (SOCAR) - 25 percent; Chevron - 9.57 percent; INPEX - 9.31 percent; Statoil - 7.27 percent; ExxonMobil - 6.79 percent; TP - 5.73 percent; ITOCHU - 3.65 percent; ONGC Videsh Limited (OVL) - 2.31 percent. The State Oil Fund of Azerbaijan (SOFAZ) received $ 138.2 billion as part of a project to develop the ACG block of oil and gas fields.

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