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  3. ACG 30th anniversary in facts
“ACG 30th anniversary in facts”
“• The ACG Production Sharing Agreement (PSA) was initially signed on 20 September 1994. Since that time, around $45 billion of investment has been made in the development of the ACG field. ”
“• On 14 September 2017, an amended and restated ACG PSA was signed, which extended the term of the PSA until 2049.”
“• First ACG oil was produced from the Chirag field on 7 November 1997. ”
“• To date the ACG field has produced over 4.4 billion barrels of oil. With future continual major investments in new technologies and facilities, and other efforts to maximise field recovery, the field is expected to continue to produce as a world-class reservoir for many decades.”
“• To date, ACG has also delivered over 57 billion cubic metres of associated gas in total to the state of Azerbaijan.”
“• ACG currently has nine offshore platforms – seven production platforms and two process, gas compression, water injection and utilities platforms. The platforms export oil and associated gas to the Sangachal onshore terminal near Baku, which is one of the world’s largest oil and gas terminals.”
“• The latest ACG production platform is ACE which started up oil production in April 2024 as technologically and digitally the most advanced bp-operated platform in the world. Its innovative engineering allows automation of labour-intensive processes, enabling safer and more efficient operations. ACE is currently producing around 26,000 barrels of oil per day from three wells. ”
“• In September 2024, we announced the signing of a non-associated natural gas (NAG) related addendum to the existing ACG PSA enabling the parties to progress the exploration, appraisal, development of and production from the NAG reservoirs of the ACG field. In accordance with the addendum, SOCAR and ACG co-venturers are currently working to plan the next steps for the development of NAG reservoirs. As part of this, an initial well is being drilled to produce gas from two priority reservoirs. The well is important as it will deliver appraisal through production which is expected to underpin future development plans for NAG.”