Baku: Azerbaijan's Azeri-Chirag-Gunashli (ACG) block of fields in the Caspian Sea has entered a new phase as a strategically integrated asset, the Gas Exporting Countries Forum (GECF) said, APA-Economics reports. The report highlights the commencement of commercial production of non-associated natural gas at the ACG block.

According to Azeri-Press News Agency, the ACG field, which has been producing oil for nearly 30 years, is estimated to contain 115 billion cubic meters (4 trillion cubic feet) of non-associated natural gas reserves. There is potential for this figure to increase to as much as 6 trillion cubic feet.

The first well was drilled from the existing West Chirag platform located in Azerbaijan's sector of the Caspian Sea. This development is seen as a new phase for ACG, combining both oil and gas production into a strategically integrated asset.

The report notes that the participating interests of ACG partners in the gas project remain the same as under the existing Production Sharing Agreement for the ACG block. The partners include bp as the operator with a 30.37% stake, SOCAR with 35.3%, MOL with 9.57%, INPEX with 9.31%, ExxonMobil with 6.79%, TPAO with 5.73%, and ONGC Videsh with 2.92%.