Azeri-Chirag-Deepwater Gunashli (ACG) field

 

Azeri-Chirag-Deepwater Gunashli (ACG) field located about 100km east of Baku is the largest oilfield in the Azerbaijan sector of the Caspian basin.

The Production Sharing Agreement (PSA) signed in September 20, 1994 in Baku by the Government of Azerbaijan and a consortium of 11 foreign oil companies from six nations initiated a rapid period of development which has transformed the country into a major global energy supplier and changed the energy map of Europe. The contract covered the development of an area that covered three major oil fields in the Azerbaijan sector of the Caspian Sea – Azeri, Chirag and Deepwater portion of the Gunashli field (ACG).

It was Azerbaijan’s first offshore PSA. It represented the first major investment by Western multinational companies in any country of the former Soviet Union and became known as The Contract of the Century.

It is operated by BP on behalf of the Azerbaijan International Operating Company (AIOC).

In 2017, 28.9 million tons of oil were extracted from the Azeri-Chirag-Gunashli (ACG) field. Since November 1997, 448 million tons of oil and 141.5 billion cubic meters of gas were extracted from the “Azeri-Chirag-Gunashli” oil and gas block in the Caspian Sea. About 250 million tons (56 percent) of the total production from the Azeri-Chirag-Gunashli made up Azerbaijan's profit oil.

An agreement that was amended and remade on the development of the Azeri- Chirag-deepwater-Gunashli field and the oil production sharing in the Azerbaijani sector of the Caspian Sea was signed in Baku on September 14, 2017. Thus, the development period of the Azeri-Chirag-Guneshli oil field is extended until 2050. The share of profit hydrocarbons in the contract is 75 percent for Azerbaijan and 25 percent for the contractors.

As a contractor, Azerbaijan's ACG share in the current project has increased from 11.6% to 25%. Within the framework of the Agreement It is expected that foreign investors make a total of $ 3.6 billion bonus payments to the Oil Fund during 8 years. On January 29, 2018, the State Oil Fund of the Republic of Azerbaijan received a $ 450 million first bonus payment under the new agreement.

 

According to The Production Sharing Agreement (PSA), the shares of companies in the block of fields are:

BP - 30,37 %

INPEX - 9,31 %

TPAO - 5,73%

SOCAR - 25 %

Statoil - 7,27 %

ITOCHU - 3,65 % ONGC

Chevron - 9,57 %

Exxon Mobil - 6,79 %

VIDESH - 2,31 %

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