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Nearly 126 mln. barrels of oil to be produced in ACG next year

08 December 2023 13:10 (UTC +04:00)

"The volume of crude oil production from the Azeri-Chirag-Guneshli (ACG) field block is forecasted to be 125.9 mln. barrels in 2024, which is 7.7 mln barrels or 5.76% less compared to the forecast indicator of 2023 due to the decrease in production," says the "Opinion of the Chamber of Accounts of Azerbaijan on the 2024 budget draft of the State Oil Fund of the Republic of Azerbaijan", APA reports.

According to the document, the indicator for this year is forecasted at the level of 133.6 million barrels.

It notes that when taking a look at the ACG forecasts of recent years, a decrease of approximately 106.1 million barrels or 45.7% was observed between the 2015 production forecast and the 2024 production forecast.

Notably, the share distribution in ACG is as follows: BP – 30.37% (operator), AzACG (SOCAR) – 25.00%, MOL – 9.57%, "Inpex" – 9.31%, "Equinor" (formerly Statoil) – 7.27%, ExxonMobil – 6.79%, TPAO – 5.73%, Itochu – 3.65% and ONGC Videsh Ltd. (OVL) – 2.31%.