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Azerbaijanís profit oil share to reach 60% by late 2016

Tuesday, August 23
Some 404.1 million tons of oil and 123 billion cubic meters of associated gas have been produced at the Azeri-Chirag-Guneshli (ACG) block of oil and gas fields in the Azerbaijani sector of the Caspian Sea since November 1997, First Vice President of the Azerbaijanís state oil company SOCAR Khoshbakht Yusifzade said at the opening of SOCAR summer school Aug. 22.

He said that the production on the block is carried out from 102 wells.

Yusifzade added that the monthly volume of production [from the block of fields] is 2.8 million tons of oil and 1.1 billion cubic meters of gas.

He noted that 224 million tons (55.43 percent) fall to the share of Azerbaijanís profit oil of the total oil volume produced at the ACG.

SOCAR first vice president added that the share of Azerbaijanís profit oil will reach 60 percent by late 2016.

Currently, the total proven oil reserves in Azerbaijan account to nearly two billion tons, the proven reserves of gas - 2.6 trillion cubic meters and projected volumes amount to nearly 5.4 trillion cubic meters of gas and 4.5 billion tons of oil.

The contract for developing the ACG field was signed in 1994. The proven oil reserve of the block nears 1 billion tons.

The shareholders of the project are: BP (operator in the Azeri-Chirag-Guneshli) - 35.78 percent, Chevron - 11.28 percent, Inpex - 10.96 percent, AzACG - 11.65 percent, Statoil - 8.56 percent, Exxon - 8 percent, TPAO - 6.75 percent, Itocu - 4.3 percent and ONGC - 2.72 percent.