12:28 - 17.09.2024

---

September 17, Fineko/abc.az. In the 2nd quarter of 2024, the total capital expenditures for development of the Azeri-Chirag-Gunashli (ACG) fields block in the Azerbaijani sector of the Caspian Sea reached $45 billion.

ABC.AZ reports, referring to BP, that since the launch of the ACG project in 1994 up until the end of the second quarter of 2024, bp and its partners have spent approx. $111 million on social projects in Azerbaijan.

It was noted that since the start of production in November 1997 and up to the end of Q2 of 2024, the ACG fields have produced 593 million tons (approx. 4.4 billion barrels) of oil.

More than 4.3 billion barrels of ACG oil have been transported to global markets through the Baku-Tbilisi-Ceyhan pipeline. Since 2006, 5,707 tankers loaded with ACG oil have departed from the Ceyhan terminal.

Since the start of production until the end of the second quarter of 2024, approximately 57 bcm of ACG-associated gas have been delivered to Azerbaijan.

30 years ago, on September 20, 1994, an agreement on sharing Azeri-Chirag-Guneshli production was signed between the government of Azerbaijan and a group of international oil companies representing eight countries. This agreement later became known as the "contract of the century". On September 14, 2017, the ACG agreement was extended until the end of 2049.

Following the contract extension, on April 19, 2019, a new $6 billion project, the Azeri-Central-East (ACE) project, was sanctioned as the next step in ACG development. On April 16, 2024, the first oil was obtained from the ACE platform.