Celebrating 30 Years Of The ACG Project: Legacy Of Energy And Innovation
Date
9/17/2024 9:18:01 AM
(MENAFN- AzerNews)
Akbar Novruz
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Azeri-Chirag-Gunashli is celebrating its 30th anniversary in
2024. On this greatly achieved landmark, Azernews
presents a detailed overview of the Azeri-Chirag-Gunashli (ACG)
project's legacy and the significant implications that lie ahead in
the future.
On September 20, 1994, Azerbaijan's government and a consortium
of international oil companies signed the groundbreaking
Azeri-Chirag-Gunashli Production Sharing Agreement (PSA), also
known as the“Contract of the Century.” This contract, which was
extended in September 2017 until mid-century, marked the beginning
of a transformative era for Azerbaijan, solidifying its position as
a major energy supplier and catalysing significant economic
growth.
The 30th anniversary of ACG highlights its pivotal role in
Azerbaijan's oil and gas industry, celebrating a legacy of
innovation and partnership.
Key Facts about ACG:
Since production began in November 1997 through the end of Q2
2024, ACG has produced approximately 593 million tonnes (about 4.4
billion barrels) of oil.
Over 4.3 billion barrels of ACG oil have been exported globally
via the Baku-Tbilisi-Ceyhan pipeline.
From 2006, 5,707 tankers carrying ACG oil have departed from
the Ceyhan terminal.
Approximately 57 billion cubic meters of associated gas have
been delivered to Azerbaijan from the start of production through
Q2 2024.
By the end of Q2 2024, capital expenditure for the ACG project
reached $45 billion.
Since the inception of the ACG project in 1994, bp and its
co-venturers have invested around $111 million in sustainable
development projects in Azerbaijan.
On September 14, 2017, the ACG PSA was extended until 2049, and
a $6 billion development project, Azeri Central East (ACE), was
sanctioned on April 19, 2019. The first oil from ACE was safely
delivered on April 16, 2024.
The ACG project saw the renovation of one platform (Chirag 1),
construction of eight new platforms, development of a major oil and
gas storage and processing terminal, and the installation of an
extensive subsea pipeline network.
As of the end of Q2 2024, ACG operated 144 production wells,
with 45 used for water injection and eight for gas injection.
The project has maintained an excellent safety record and
conducted around 160 Environmental Impact Assessments and 280
monitoring surveys.
The ACG project's three-decade journey stands as a
testament to the enduring partnership and innovation in the energy
sector, significantly contributing to Azerbaijan's economic
development and global energy markets.
SOURCE: British Petroleum Azerbaijan
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