The Azeri-Chirag-Gunashli (ACG) field is one of the key assets of strategic importance not only for Azerbaijan but also on a global scale, SOCAR Vice President Babek Huseynov said, APA-Economics reports.
According to him, billions of barrels of oil have been produced from the field so far, and billions of barrels of recoverable oil reserves still remain at ACG.
"ACG is one of the world's most advanced oil and gas assets. When evaluating an oil field, its permeability, porosity, size and other parameters are of great importance. All these indicators make a difference.
Of course, it is no secret that the field has reached its peak production level and has since entered a phase of natural production decline."
He emphasized that SOCAR's main task as the national oil and gas company is to determine how to extract maximum value from this asset.
"We could have approached this issue differently. We could have conducted independent analyses and carried out our own assessments. But we did not choose that approach. We decided to work together with the operator, BP, and identify the key question: What could the field's ultimate oil recovery factor be? This was one of the most important aspects of our approach to the project.
So, what should the ultimate oil recovery factor for this field be? The operator might have one position on this, while we might have another approach. However, following discussions, we concluded that a figure above approximately 40% was achievable.
We reached this conclusion through an in-depth analysis of the oil's quality and our existing infrastructure.
Incidentally, I would like to note that achieving an ultimate oil recovery factor of more than 40% at an oil field is considered one of the highest rates worldwide. Thus, we reached a common position on this issue. In addition, large-scale seismic surveys are being conducted in the subsurface formations, or reservoirs, to achieve this target."
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