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Volume of gas ACG delivered to the state of Azerbaijan increased by 20%

05 November 2024 11:01 (UTC +04:00)

In the first three quarters of 2024, Azeri-Chirag-Guneshli (ACG) delivered an average of around 6.5 million cubic metres per day of ACG-associated gas to the state of Azerbaijan (1.8 billion cubic metres in total), primarily at the Sangachal terminal but also to SOCAR’s Oil Rocks facility, which is 20% more in annual comparison. The remainder of the associated gas produced was re-injected for reservoir pressure maintenance, this was reflected in the report dedicated to the results of the first third quarter of the current year on the activities of the BP company in Azerbaijan.

Note that the distribution of shares in ACG is in this ratio: BP – 30,37% (operator), AzACG (SOCAR) – 25,00%, MOL – 9,57%, "Inpex" – 9,31%, "Equinor" (former "Statoil") – 7,27%, "ExxonMobil" – 6,79%, TPAO – 5,73%, "Itochu" – 3,65% and "ONGC Videsh Ltd." (OVL) – 2,31%. The agreement between the parties was valid for 30 years (it was supposed to expire in 2024). Nevertheless, on September 14, 2017, the government of Azerbaijan and SOCAR, along with international partner companies, signed an amended and revised agreement on joint development and production sharing of ACG. The new agreement, covering the development of ACG until 2050, will make it possible to significantly increase the bloc's development potential by the middle of the century.