Gazprom's competitor will increase gas production at a major field
Production of free natural gas has officially begun at the massive Azeri-Chirag-Guneshli (ACG) field, located in the Azerbaijani sector of the Caspian Sea.
The start of operations marks the first-ever commercial production of free gas at the ACG, which is traditionally considered one of the largest oil fields in the world.
According to preliminary expert estimates, the field’s proven natural gas reserves amount to up to 6 trillion cubic feet, equivalent to approximately 170 billion cubic meters of raw material.
The start of development of these deposits significantly expands the country’s energy capacity and strengthens its position in the international market. The facility’s upgraded status will allow Azerbaijan to increase fuel exports to European countries.
Representatives of the operating company’s management emphasize the strategic importance of this event for regional energy security and industrial transformation.
The transition to the active phase of production marks a new stage in the development of the Caspian Basin.
“After nearly three decades of oil production, the field continues to have the potential to create value for the country and its investors,” said Gio Cristofoli, bp’s regional president for Azerbaijan, Georgia, and Turkey. “With the start of free gas production, the ACG now occupies a unique position as an integrated oil and gas asset, leading the regional industry and supporting Azerbaijan’s plans to increase energy supplies to Europe, while also supporting the country’s energy transition efforts.”
The British company bp is the operator of the field with a 30.37% stake in the project; the Azerbaijani state-owned company SOCAR holds a 35.3% stake; the Hungarian company MOL (9.57%); Japan’s INPEX (9.31%), the U.S.’s ExxonMobil (6.79%), Turkey’s TPAO (5.73%), and India’s ONGC Videsh (2.92%).
Against the backdrop of the launch of new capacity, countries in the region are actively signing long-term contracts in an effort to reduce their dependence on other suppliers.
In particular, the Turkish state-owned energy company Botas signed a 15-year agreement with SOCAR, TotalEnergies, and ADNOC for gas supplies from the Absheron field in Azerbaijan.
This agreement provides for the supply of a total of 33 billion cubic meters of gas from Azerbaijan to Turkey over 15 years, starting in 2029.
This was reported by the international company bp-Azerbaijan, which is the operator of this large-scale project.
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