USD 71.6797

0

EUR 87.3274

0

BRENT 72.59

0

AI-92 45.65

0

AI-95 49.47

0

AI-98 55.42

+0.01

Diesel 49.74

-0.01

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Azeri-Chirag-Gunashli (ACG)

ACG field located about 100 km east of Baku is the largest oilfield in the Azerbaijan sector of the Caspian basin.

Azeri-Chirag-Gunashli (ACG)

From the start of production in November 1997 till the end of 2Q 2019, ACG produced about 488 million tonnes (more than 3.6 billion barrels) of oil.

The oil from the ACG field was pumped to Sangachal terminal south of Baku and from there routed to foreign markets by Baku-Supsa pipeline, Baku–Novorossiysk pipeline and Baku–Tbilisi–Ceyhan pipeline.

On 20 September 1994, the Government of Azerbaijan and a group of international oil companies representing 8 countries signed the Azeri-Chirag-Gunashli Production Sharing Agreement, which later became known as the “Contract of the Century”.

The Contract was extended in September 2017 until end of 2049.

Since 2006, 4,300 tankers loaded with ACG oil have been lifted from the Ceyhan terminal. More than 44 billion cubic meters of associated gas were delivered to Azerbaijan since the start of production till the end of 2Q 2019.

More than $36 billion has been invested into the development of the ACG area since the original PSA was signed in 1994.

At the end of the 2Q of 2019, 124 oil wells were producing, while 44 wells were used for water and 7 for gas injection.

The $6 billion development includes a new offshore platform and facilities designed to process up to 100,000 barrels of oil per day. The project is expected to achieve first production in 2023 and produce up to 300 million barrels over its lifetime.

The shareholders in the Azeri-Chirag-Guneshli project are BP (operator, 30.37 %), SOCAR (25 %), American Chevron (9.57 %), ExxonMobil (6.79 %), Indian ONGC (2.31 %), Japanese Inpex Corp. (9.31 %), ITOCHU Oil (3.65 %), Norwegian Statoil (7.27 %) and Turkish TPAO (5.73 %).