Bp Shines Spotlight On Azerbaijan's ACG Output Milestones Since 1997

(MENAFN- Trend News Agency) BAKU, Azerbaijan, April 21. Azerbaijan's Azeri-Chirag-Gunashli (ACG) field has produced more than 4.5 billion barrels of oil since the start of production in 1997, Vice President for the Caspian region, Communications and External Affairs Bakhtiyar Aslanbayli said in social media, Trend reports.

"bp and its co-venturers spent about $45 billion in capital expenditure on ACG activities to date.
Moreover, ACG delivered around 56 billion cubic meters of associated gas to the state of Azerbaijan.

In addition, the State Oil Fund has earned more than $178 billion in revenue from the ACG project by the end of 2024," he added.

The ACG PSA (Production Sharing Agreement) was initially signed on September 20, 1994. On September 14, 2017, an amended and restated ACG PSA was signed, which extended the term of the PSA until 2049. First oil was produced from the Chirag field on November 7, 1997.

ACG currently has nine offshore platforms – seven production platforms and two process, gas compression, water injection and utilities platforms. The platforms export oil and associated gas to the Sangachal onshore terminal near Baku, which is one of the world's largest oil and gas terminals.

bp first came to Azerbaijan and opened its first office in Baku in June 1992. Over the years, bp has partnered with the government of Azerbaijan and implemented world-class projects - Azeri-Chirag-Guneshli (ACG), Shah Deniz and Baku-Tbilisi-Ceyhan (BTC) - that have contributed to the development of the Caspian Sea as a modern hydrocarbon province.

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