ECONOMY


A total of 381 mln tonnes of oil has been produced since the commissioning of ACG fields, SOCAR First Vice-President

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Baku, October 14, AZERTAC

"A total of 381 mln tonnes of oil has been produced since the commissioning of operation of ACG fields,"​ said First Vice President for Geology, Geophysics and Development of Fields of the State Oil Company of the Republic of Azerbaijan (SOCAR) Khoshbakht Yusifzade at the business forum of the Caspian European Club held in Baku.

"208 mln tonnes of this volume are profit oil of Azerbaijan. The funds gained from the sale of profit oil are accumulated in the State Oil Fund of Azerbaijan and spent on the development of the country," he added.

According to him, 23.5 mln tonnes of oil were produced at ACG fields within 9 months of 2015. 15.5 mln tonnes or 66% of it are profit oil of Azerbaijan. “The share of profit oil of Azerbaijan will grow year by year and reach 75-80%,” Yusifzade emphasized.

He also noted that a total of 391 mln tonnes of oil was exported from Azerbaijan. Some 284 mln tonnes of this volume was shipped via Baku-Tbilisi-Ceyhan (BTC) pipeline.

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