30 Years of ACG: A Story of Success and Innovation in Azerbaijan
As of mid-2024, investments in the Azeri-Chirag-Guneshli Deepwater Caspian Fields Block (ACG) have reached $45 billion, with a total production volume exceeding 4.4 billion barrels of oil. The ACG project, managed by bp, has played a crucial role in Azerbaijan’s oil industry since the signing of the Production Sharing Agreement (PSA) in 1994.
September 20, 2024 marks the 30th anniversary of Azerbaijan’s first international contract for hydrocarbon production, setting the stage for decades of successful collaboration between foreign oil companies and the Azerbaijani government. The ACG contract, extended until 2050, has been a cornerstone in Azerbaijan’s economic development and regional stability efforts.
With major shareholders including bp, SOCAR, and Equinor, the ACG project has evolved through various phases, contributing significantly to Azerbaijan’s energy sector growth. The latest addition, the Central Azeri East (ACE) production platform, showcases Azerbaijan’s ability to manage world-class offshore projects.
Through ACG, Azerbaijan has emerged as a key energy supplier, creating jobs, supporting local businesses, and fostering professional development. The project’s success has boosted investor confidence and positioned Azerbaijan as a hub for successful energy ventures.
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