Since 1994 around $40 billion of investment has been made into the development of the ACG field
Baku, September 20 - Neftegaz.RU.
20 September is a historic day and not only for Azerbaijan
, this is the day when Azerbaijan embarked on its 1st
independent energy agreement with foreign investors.
27 years ago, on 20 September 1994, the Government of Azerbaijan and a group of international oil companies representing 8 countries signed the Azeri-Chirag-Gunashli
(ACG) Production Sharing Agreement (PSA
), which which later became known as the Contract of the Century.
The Contract was extended in September 2017 until mid-century.
On 18 September 2021 the ACG field achieved yet another major milestone - the field produced the 4 billionth barrel
The 4 billion barrels total production has been transported primarily via the Baku-Tbilisi-Ceyhan
and Western Route Export pipelines from the Sangachal terminal near Baku across Azerbaijan, Georgia and Turkey to the world markets.
Here are some key facts that illustrate ACG’s remarkable delivery better than any words:
- $40 billion dollars of capital investment
50 billion m3 of associated gas delivered to Azerbaijan
3.7 billion barrels of oil carried via the Baku-Tbilisi-Ceyhan pipeline
loaded on 4850 tankers and sent to the world markets
140 Environmental Impact Assessments
286 offshore, onshore and near-shore monitoring surveys conducted to protect the environment
$94 million dollars spent on sustainable development projects
The field started production
from the Chirag platform on 7 November 1997.
Since that time, Chirag has made quite a history.
Now 24 years later, joined by 7 modern high-tech platforms, the historic Chirag continues to play a big role in the safe, efficient and reliable production delivery of ACG.