SOCAR: Over 612 million tons of oil extracted from ACG to date

As of September 1, a total of 612.2 million tons of oil and 238.7 billion cubic meters of gas have been produced from the Azeri-Chirag-Gunashli (ACG) block of fields in the Azerbaijani sector of the Caspian Sea, Report informs, citing the State Oil Company of Azerbaijan (SOCAR).

Today marks the 8th anniversary of the signing of the amended and restated Production Sharing Agreement (PSA) on the joint development of the Azeri and Chirag fields and the deepwater portion of Gunashli.

Under the new contract, ACG's development period has been extended until 2050, while Azerbaijan's share of profit oil has been set at 75%. Between 2018 and 2025, the State Oil Fund of Azerbaijan (SOFAZ) has received $3.6 billion in bonus payments. More than $40 billion in investment is planned for the development of the fields.

In 2019, the final investment decision was made on the Azeri-Central-East (ACE) project, and in April 2024, the first oil was produced from ACE. The field is expected to deliver up to 300 million barrels of oil during its operational period.

The current participating interests in ACG are as follows: SOCAR – 31.65%, BP – 30.37%, MOL Group – 9.57%, INPEX – 9.31%, ExxonMobil – 6.79%, TPAO – 5.73%, ITOCHU – 3.65%, and ONGC Videsh Limited (OVL) – 2.92%.