Bank Of Baku

SOCAR VP: Oil production coefficient in ACG can be increased

Vice-President of SOCAR Babek Huseynov

© APA | Vice-President of SOCAR Babek Huseynov

# 06 June 2024 14:49 (UTC +04:00)

The oil production coefficient in the Azeri-Chirag-Gunashli (ACG) oil and gas fields located in the Azerbaijani sector of the Caspian Sea can be increased to 50%, Vice-President of SOCAR Babek Huseynov said during his speech at the Baku Energy Forum held as a part of Baku Energy Week, APA-Economics reports.

According to him, this indicator currently ranges between 30% and 40%; however, it is possible to increase it to 50%: "Currently, the oil production coefficient rate is at 30-40%, however we aim to increase this figure to 50%. Despite the 30 years of exploitation, there are still opportunities to increase the oil production coefficient in ACG, there are quite high-quality reservoirs."

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