Volume of gas produced and exported from ACG and Shah Deniz announced

From the date of commissioning till August 1 this year, the Azeri-Chirag-Gunashli produced about 198 billion cubic meters of gas and Shah Deniz 172.3 bcm of gas. During this period, 119.5 bcm gas was exported from Shah Deniz, Report informs, citing operative data of the Ministry of Energy for the months of January-July.

ACG is the largest oil field block in Azerbaijan. The first production sharing agreement for the development of the field block was signed on September 20, 1994. On September 14, 2017, a new treaty was inked on the joint exploitation of these fields and production sharing. The agreement provides for the development of the fields by the end of 2049.

Shareholders in ACG are BP (30.37%), SOCAR (25%), MOL Group (replaced Chevron as of April 16, 2020 - 9.57%), INPEX (9.31%), Equinor (7.27%), ExxonMobil (6.79%), TPAO (5.73%), ITOCHU (3.65%), and ONGC Videsh Limited (OVL) (2.31%).

The agreement on exploration, development and shared production of the promising Shah Deniz areas was signed on June 4, 1996. The production sharing agreement was ratified on October 17, 1996.