ACG 30th anniversary in facts
ACG is celebrating its 30th anniversary in 2024
This is a very important milestone for both the government and bp and ACG partners.
30 years ago, on 20 September 1994, the Government of Azerbaijan and a group of international oil companies representing six countries signed the Azeri-Chirag-Gunashli Production Sharing Agreement (PSA), which later became known as the “Contract of the Century”. The Contract was extended in September 2017 until mid-century.
It is with this contract that the massive developments, turning Azerbaijan once again into one of the world’s major energy suppliers and transforming the country’s economy, started.
The 30th anniversary marks an important milestone in the new history of Azerbaijan’s oil and gas industry. It is also a historical date for SOCAR, bp and all other partners in the Azeri-Chirag-Gunashli contract.
SOME KEY ACG FACTS:
- From the start of production in November 1997 till the end of 2Q 2024, ACG produced about 593 million tonnes (about 4.4 billion barrels) of oil.
- More than 4.3 billion barrels of ACG oil have been exported to world markets via the Baku-Tbilisi-Ceyhan pipeline.
- Since 2006, 5,707 tankers loaded with ACG oil have been lifted from the Ceyhan terminal.
- About 57 billion cubic meters of associated gas were delivered to Azerbaijan since the start of production till the end of 2Q 2024.
- Capital expenditure in the ACG project by the end of 2Q 2024 was $45 billion.
- From the start of ACG project in 1994 till the end of 2Q 2024, bp and its co-venturers spent around $111 million on sustainable development projects in Azerbaijan.
- On 14 September 2017, the ACG PSA was extended until end of 2049.
- Following PSA extension, ACG’s $6-billion next development project – Azeri Central East (ACE) was sanctioned on 19 April 2019, and on 16 April 2024 first oil was safely delivered from ACE.
- As part of the ACG project – one platform (Chirag 1) was renovated and eight new platforms were built, one of the largest oil and gas storage and processing terminals of the world was constructed, a sophisticated web of subsea pipelines was laid at the bottom of the Caspian Sea.
- At the end of the 2Q of 2024, 144 oil wells were producing, while 45 wells were used for water and eight for gas injection.
- ACG has an excellent safety record and, as an environmentally sound project, has conducted around 160 Environmental Impact Assessments and 280 offshore, onshore and near-shore monitoring surveys.
