Baku, Azerbaijan, April 21. Azerbaijan’s
Azeri-Chirag-Gunashli (ACG) field has produced more than 4.5
billion barrels of oil since the start of production in 1997, Vice
President for the Caspian region, Communications and External
Affairs Bakhtiyar Aslanbayli said in social media, Trend reports.
“bp and its co-venturers spent about $45 billion in capital
expenditure on ACG activities to date.
Moreover, ACG delivered around 56 billion cubic meters of
associated gas to the state of Azerbaijan.
In addition, the State Oil Fund has earned more than $178
billion in revenue from the ACG project by the end of 2024,” he
added.
The ACG PSA (Production Sharing Agreement) was initially signed
on September 20, 1994. On September 14, 2017, an amended and
restated ACG PSA was signed, which extended the term of the PSA
until 2049. First oil was produced from the Chirag field on
November 7, 1997.
ACG currently has nine offshore platforms – seven production
platforms and two process, gas compression, water injection and
utilities platforms. The platforms export oil and associated gas to
the Sangachal onshore terminal near Baku, which is one of the
world’s largest oil and gas terminals.
bp first came to Azerbaijan and opened its first office in Baku
in June 1992. Over the years, bp has partnered with the government
of Azerbaijan and implemented world-class projects –
Azeri-Chirag-Guneshli (ACG), Shah Deniz and Baku-Tbilisi-Ceyhan
(BTC) – that have contributed to the development of the Caspian Sea
as a modern hydrocarbon province.
Stay up-to-date with more news on Trend News Agency’s
WhatsApp
channel