BAKU, Azerbaijan, Aug. 20 (UPI) -- The Azeri-Chirag-Guneshli oil field is the third largest in the world as surveyed by the American IHS Cambridge Energy Research Associates.
IHS Cambridge Energy Research Associates, an adviser to international energy companies, governments and financial institutions, released its 2009 list of the world's largest oil fields and top oil producing nations.
The Ghawar field in Saudi Arabia topped the list with a production level of 5 million barrels per day. The Burgan field in Kuwait placed second with a production rate of 1.2 million bpd, while ACG came in third with 850,000 bpd.
The production-sharing agreement for ACG was signed in 1994 with total current investments estimated at $20 billion, the Trend news agency in Azerbaijan reports.
BP-Azerbaijan, the operator at ACG, estimated total recoverable oil reserves at the offshore field in the Caspian Sea approach 1.1 million tons.
Azerbaijan exports its Azeri Light crude blend primarily to Turkish ports on the Mediterranean Sea through the Baku-Tbilisi-Ceyhan pipeline, the second longest in the world.
The IHS report said Russia was the top oil-producing nation with a rate of 9.76 million bpd, following by Saudi Arabia with 9.22 million bpd and the United States with 5.1 million bpd.