Azeri-Chirag-Gunashli output reaches 612.2 mln tonnes of oil and 238.7 bcm of gas — SOCAR

By Sept. 1, a total of 612.2 million tonnes of oil and 238.7 billion cubic meters of gas had been produced from the Azeri-Chirag-Gunashli (ACG) block in Azerbaijan’s sector of the Caspian Sea, SOCAR said.

The updated and amended production sharing agreement (PSA) on the joint development of Azeri and Chirag fields and the deepwater portion of Gunashli was signed eight years ago, extending ACG’s development until 2050. Under the deal, Azerbaijan’s share of profit oil was raised to 75%. Between 2018 and 2025, the State Oil Fund of Azerbaijan (SOFAZ) received $3.6 billion in bonuses. More than $40 billion is expected to be invested in ACG over its lifetime.

In 2019, a final investment decision was taken on the Azeri Central East (ACE) project, with first oil produced in April 2024. The project is expected to yield up to 300 million barrels over its operating period.

Current shareholders in ACG are SOCAR (31.65%), BP (30.37%), MOL Group (9.57%), INPEX (9.31%), ExxonMobil (6.79%), TPAO (5.73%), ITOCHU (3.65%) and ONGC Videsh Limited (2.92%).