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SOCAR: ACG currently has more than 550 million tonnes of oil

12 October 2017 09:06 (UTC +04:00)

“On September 14, 2017 a new contract for extension of Production Sharing Agreement (PSA) on development of Azeri-Chirag-Guneshli block of oil and gas fields was signed with the participation of Azerbaijani president Ilham Aliyev. This contract proves Azerbaijan’s economic power”, SOCAR President Rovnag Abdullayev sai at the Argus Azerbaijan International Petroleum Summit 2017.

According to him, the ACG currently has more than 550 million tonnes of oil reserves: “We are sure that this is not the final figure. Azerbaijan is today on the focus of world community for its oil and gas reserves”.

Abdullayev said that annual natural gas production in Shahdeniz field reaches 9 billion cubic meters: “In the second stage, the production will reach 16 billion cubic meters. Of this, 6 bcm will be transported to Turkey, 10 bcm to Europe. The works on the project are currently being carried out in accordance with the schedule”.

SOCAR president also spoke about its Turkey-based projects STAR, Petkim projects.