Profit oil increasing year by – SOCAR vice-president

Baku: Azeri-Chirag-Guneshli (ACG) block of oil and gas fields has produced 380 mln tonnes of oil and 714 bcm of gas so far, the first vice-president of SOCAR on geology, geophysics and field development Koshbakht Yusifzade said at the second SPE Annual Caspian Technical Conference and Exhibition in Baku.

According to him, Azerbaijan has been earning revenue from profit oil for already 16 years.

“209 mln tonnes of profit oil, sold in the world market so far, fall to share of Azerbaijan. Profit oil production is increasing year by. 85 wells in ACG averagely extract 87,000 tonnes of oil and 33 mcm of gas per day. During 10 months of 2015, ACG produced 26 mln tonnes of oil and 17 mln tonnes or 65% of this make profit oil. At the same time, these fields extracted 10 bcm of gas in the same period,” he said.


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