ACG rated third among world’s major oil fields
Baku, 19 August 2009
AssA-Irada News Agency
US-based consulting company Cambridge Energy Research Associates (CERA) has rated Azerbaijan’s major Azeri-Chirag-Gunashli (ACG) oil fields in the Caspian Sea third among the world’s 20 major deposits.
The ACG fields are being developed under the historic 1994 production sharing agreement signed by the Azerbaijani government and foreign energy companies, referred to as the Contract of the Century. Total capital investments in the BP-operated project amount to $20 billion. ACG reserves are estimated at 1 billion barrels of oil.
According to CERA, daily flow-rate from the fields is 850,000 barrels.
The Ghawar oil field in Saudi Arabia producing 5 million bpd topped the rating, while the onshore Burgan field in southeastern Kuwait, with the flow-rate of 1.2 million bpd, was rated second.
CERA specializes in advising governments and private companies on energy markets, geopolitics, industry trends, and strategy.
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