Baku: The Azeri-Chirag-Gunashli (ACG) oil and gas fields, located in the Azerbaijani sector of the Caspian Sea, have achieved a significant milestone by producing 613 million tons of oil to date.
According to Azeri-Press News Agency, the Ministry of Energy reported that the fields have also produced 239 billion cubic meters of gas, with 61.3 billion cubic meters transferred to the Azerbaijani state.
The report highlights that the remaining portion of the associated gas produced at ACG is reinjected into the collector to maintain pressure levels. Over the first eight months of this year, the average daily oil production from ACG reached 44 thousand tons, while daily oil exports stood at 327 thousand barrels.
The agreement for the joint development and oil production sharing of ACG was signed on September 20, 1994. The share distribution among the stakeholders in ACG includes BP with 30.37% as the operator, AzACG (SOCAR) with 31.65%, MOL with 9.57%, Inpex with 9.31%, ExxonMobil with 6.79%, TPAO with 5.73%, Itochu with 3.65%, and ONGC Videsh Ltd. (OVL) with 2.92%.