ACG Becomes Strategic Oil And Gas Infrastructure Project - SOCAR

(MENAFN- Trend News Agency) BAKU, Azerbaijan, June 2. Azeri-Chirag-Gunashli (ACG) has become a strategic oil and gas infrastructure project, SOCAR Vice President Babak Huseynov said at a panel discussion held on the second day of the Baku Energy Week, Trend reports.

According to him, the main challenges facing the upstream sector of the oil and gas industry are changing.

"Previously, the main source of oil and gas production was the discovery of new fields, the development of new regions, and the implementation of large, especially offshore, projects. Today, the main issue is not only new discoveries. The main task ahead is to extract more value from existing fields, use existing infrastructure efficiently, and do all this faster," he noted.

Huseynov pointed out that even a 1% growth in the recovery factor of production in existing fields can make a significant contribution to meeting energy demand for many years.

He stressed that this approach doesn't diminish the importance of exploration, as new discoveries are important in terms of replenishment of reserves. However, the industry is increasingly focusing on maximizing the efficiency of existing assets.

The SOCAR Vice President cited the ACG project as an example in this regard.

"Just yesterday, we celebrated an important milestone in the production of non-associated gas from ACG. ACG has been recognized as one of the largest oil fields in the world for the past 30 years. However, we no longer view this project solely as an oil field. ACG is today a strategic energy infrastructure project with both oil and gas potential. There are huge resources under the project, and we are extremely encouraged by the development programs implemented within the framework of the partnership with bp," he added.

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