Azeri–Chirag–Gunashli

Azeri–Chirag–Gunashli (ACG, Azerbaijani: Azəri-Çıraq-Günəşli) or Azeri–Chirag–Deepwater Gunashli is a complex of oil fields in the Caspian Sea, about 120 kilometres (75 mi) off the coast of Azerbaijan. It consists of the Azeri and Chirag oil fields, and the deepwater portion of the Gunashli oil field. An overall estimate of the area of the development is 432.4 square kilometres (167.0 sq mi). It is developed by the Azerbaijan International Operating Company, a consortium of international oil companies, and operated by BP on behalf of the consortium. The ACG fields have estimated recoverable reserves of about 5 to 6 billion barrels (790 to 950 million cubic metres) of petroleum. Peak oil production of 885,000 barrels per day (140,700 m³/d) was reached in 2010. However by the first quarter of 2024, production had fallen to 339,000 barrels per day (53,900 m³/d), or approximately one-third of peak value, as the production rates moved towards terminal decline. As of 2021, ACG oil accounted for 95% of all Azerbaijani oil exports.

BP reports that crude oil from ACG is exported through the Baku–Tbilisi–Ceyhan pipeline to the Mediterranean Sea and the Baku-Supsa Pipeline to Supsa in Georgia, as well as through the Baku-Novorossiysk Pipeline to Novorossiysk in Russia. It is believed that there may also be untapped natural gas reserves under the ACG oilfields. Media reports indicate that according to American Consulting Association IHS CERA (Cambridge Energy Research Associates), the Azeri–Chirag–Gunashli is the third-largest oil-field development out of 20 listed. Total investment was estimated at US$20 billion as of 2009. As of 2008 reports, oil from the ACG fields accounted for approximately 80% of Azerbaijan's total oil production (exports and domestic consumption) and was expected to bring Azerbaijan potentially $80 billion in profits.