200 million tons of oil have been extracted from the
‘Azeri-Chirag-Guneshli’ sea fields in the Azerbaijani sector of the
Caspian Sea since the start of extraction, according to Vice-President
of SOCAR (the State Oil Company of the Azerbaijani Republic)
Khoshbakht Yusifzade, Trend reports.
The vice-president said that they had also extracted over 50 billion
cubic m of gas. 60 exploitation boreholes have been drilled and are
producing over 120,000 tons of oil and 35 million cubic m of gas
daily.
ACG development started with the signing of a contract on September
20th 1994. The contract demonstrated that Azerbaijan is a stable
country with security of investments. Azerbaijan has 31 contracts. 14
contracts are being worked out, with 26 companies from 20 countries
involved. According to the contracts, the level of investment for
exploration, development and transport should reach $60 billion.
The second result of signing the contract in 1994 is increasing oil
extraction, Yusifzade believes. Last year oil extraction in Azerbaijan
reached 50.42 million tons, compared to 9 million in 1997. There are
predictions of oil extraction reaching 60 million tons in 2025 by
opening new oil fields.
Participants in the ACG development are BP (the operator, with a
37.13% share), Chevron (11.27%), SOCAR (10%), INPEX (10.96%), Statoil
(8.56%), Exxon (8%), TPAO (6.75%, Itochu (4.3%) and Hess (2.72%).
