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SOCAR announces volume of planned oil extraction from ACG

20 September 2016 09:55 (UTC +04:00)

Baku. Agshin Rafigoglu - APA-Economics. Within the “Contract of the Century”, exploitation of “Azeri”, “Chirag” fields and deepwater part of “Guneshli” field is the largest oil project carried out in Azerbaijani sector of the Caspian Sea, SOCAR President Rovnag Abdullayev said in his interview to “Azerbaijan” newspaper.

According to him, Azerbaijan has made achievements on the project so far: “Oil production increased from 9 million tonnes in 1997 to 50.4 million tonnes in 2010 and stabilized at the level of 42-43 million tonnes in the recent years. ACG ha sproduced 407 million tonnes of oil, 124.3 billion cubic meters of gas so far. By the end of PSA, 5 billion barrels of oil are expected to be extracted from ACG. New investments and recovery ratio allow additional 4 billion barrels. The ACG has been operating in profit for 17 years. Profit oil of Azerbaijan will reach 60% this year. Moreover, delivery of associated gas to SOCAR free of charge is contribution to our economy. In January-June ACG delivered 7.2 million cubic meters of gas (total of 1.31 billion cm) to SOCAR per day”.