ACG achieves 500 millionth tonne production milestone
Baku, January 10, AZERTAC
BP as the operator of the Azeri-Chirag-Gunashli (ACG) oil field proudly announced on behalf of its partners in the ACG project - SOCAR, Chevron, INPEX, Equinor, ExxonMobil, TPAO, ITOCHU, ONGC Videsh Ltd (OVL) - that on 26 December 2019 the field produced the 500 millionth tonne of oil.
The half a billion tonnes of oil produced from ACG since 1997 have been transported primarily via the Baku-Tbilisi-Ceyhan and Western Route Export pipelines from the Sangachal terminal near Baku across Azerbaijan, Georgia and Turkey to the world markets.
Gary Jones, BP Regional President Azerbaijan Georgia Turkey: “This milestone is a great contribution to the celebrations of the 25th anniversary of the signing of the “Contract of the Century” which, we believe, is a landmark event in Azerbaijan’s new history. We as operator are proud to have achieved this production milestone in the historical year for the country and for all partners in ACG. I would like to congratulate all people who have contributed to this achievement and thank our operations team for their continual commitment to safety and reliable operations.
ACG is a great field. As well as achieving this major production milestone, delivering huge profit to the country and to its shareholders and opening major sustainable development opportunities in local communities, ACG has turned the Caspian into one of the leading energy producing areas and technologically most advanced oil and gas development regions of the world. As operator we will continue to work closely with the government, SOCAR and other partners to ensure ACG’s contribution to the country for the next three decades.”
The initial ACG Production Sharing Agreement (PSA) was signed on 20 September 1994. Since that time around $38 billion of investment has been made into the development of the ACG field.
In 2017, the ACG PSA was extended till the end of 2049.
First oil was produced from the Chirag field on 7 November 1997.
ACG has also delivered over 45 billion cubic metres of associated gas in total to the Government of Azerbaijan.
In 2019, total production from ACG has averaged 535,000 barrels per day.
ACG currently has eight offshore platforms - six production platforms and two process, gas compression, water injection and utilities platforms. The next development project of ACG - the Azeri Central East (ACE) - is currently in the execute phase with first oil expected in 2023.
The platforms export oil and gas to the Sangachal Terminal, one of the world’s largest oil and gas terminals, onshore near Baku.
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