Investment into the largest oil project of Azerbaijan exceeded $40 bln
Edited by Rhod Mackenzie / 2016-06-02 11:39:03
Until now over $41 bln has been invested into the development of the Azeri oil block ACG where Azeri Light oil is extracted, the President of SOCAR, R. Abdullaev, said.
The agreement on the development of ACG was signed in 1994 between SOCAR and foreign partners. BP is the operator.
Until the expiration of the current contract – until 2024 – another 5 bln barrels of oil will be extracted from the block. In the framework of further development of the block, it is planned to extract another 4 bln barrels of oil by means of attraction of investment and new technologies, Abdullaev said.
Oil from the deposit is exported by the Baku-Tbilisi-Ceyhan and Baku-Supsa pipelines as well as by railway to the port of Batumi in Georgia.
