SOCAR chief: Decline in production at ACG may be lower than forecasted

Production at the Azeri-Chirag-Gunashli (ACG) oil field block may prove more resilient than current forecasts suggest, as those projections do not fully account for the field"s overall potential, President of the State Oil Company of Azerbaijan (SOCAR) Rovshan Najaf said during a panel discussion within Baku Energy Week.

Olaylar quotes him as saying forecasts of production decline are mainly based on the output dynamics of existing wells.

"However, new development projects targeting gas and oil reservoirs within the field must also be taken into account. If these factors are considered, the decline in ACG production may not reach 3% and could even remain stable. The company is also assessing opportunities to increase production at the field. Ultimately, even fields that have been in operation for many years can enter a new development stage thanks to modern technologies, the right approach, effective partnerships, and government support," Najaf noted.