In 2020, production from the Azeri-Chirag-Guneshli (ACG) block of fields produced 174.6 million barrels or 100% of forecast, Report informs, referring to the Chamber of Accounts.
According to the Chamber, $3,522,700,000 came from the sale of the profit oil, up 2% from the forecast.
ACG is the largest oil field block in Azerbaijan. The first production sharing agreement for the development of the field block was signed on September 20, 1994. On September 14, 2017, a new treaty was inked on the joint exploitation of these fields and production sharing. The agreement provides for the development of the fields by the end of 2049.
Shareholders in ACG are BP (30.37%), SOCAR (25%), MOL Group (replaced Chevron since April 16, 2020 - 9.57%), INPEX (9.31%), Equinor (7.27%), ExxonMobil (6.79%), TPAO (5.73%), ITOCHU (3.65%), and ONGC Videsh Limited (OVL) (2.31%).