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Friday, October 26, 2007, #205 (1472)
On October 19–20, the 100th million ton of oil was extracted from the Azeri-Chirag-Guneshli (ACG) oil field, according to the news agency Regnum. The ACG is a large area of oil fields in the Caspian, 120 kilometers off the coast of Azerbaijan, with estimate reserves of 5.4 billion barrels of recoverable oil. A production sharing agreement between ten different companies was signed in 1994. Production began in 1997, and extraction rates are anticipated to reach one million barrels a day by 2009, according to consortium leader BP. |
100 million tons of oil from Azeri-Chirag-Guneshli so far