BP, partners to go ahead with $6bn ACE project offshore Azerbaijan

23/04/2019 09:47 Oil Market


BP and its partners in the Azeri-Chirag-Gunashli field (ACG field) have approved the $6bn Azeri Central East project (ACE project), which marks the next stage of development of the super-giant offshore Azerbaijani oilfield in the Caspian Sea.

The ACE project is targeted to enter into production in 2023 and is estimated to have a production of up to 300 million barrels over its lifetime.


The investment decision follows an agreement signed by the partners with the Azerbaijani government to prolong the life of the ACG field until 2049.


Located nearly 100km east of Baku, the ACG field is the largest oilfield in the Azerbaijan waters. The deepwater field has been in production since 1997 and till date, ACG has been functioning as an oilfield complex, made up of six production platforms – Chirag 1, Central Azeri, West Azeri, East Azeri, Deepwater Gunashli and West Chirag.


The ACE project will introduce a new offshore platform and facilities in the ACG field that will be capable of processing up to 100,000 barrels of oil per day.

Source: compelo.com

Exxon Mobil considers sale of Malaysian offshore assets for up to $3 bln

09/10/2019 14:54:00

U.S. energy giant Exxon Mobil Corp is considering a sale of its Malaysian upstream offshore assets for up to $3 billion, Bloomberg reported on Wednesday.


Zimbabwe hikes average electricity tariff by 320% - energy regulator

09/10/2019 13:25:00

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Daily (09.10.2019): European carbon prices reached EUR 23 a tonne on Tuesday, on worries over Brexit negotiations

09/10/2019 10:50:00

Crude oil prices traded lower on Tuesday, after Donald Trump reported that a quick trade deal will unlikely happen soon. Meanwhile, oil prices were supported by protests in OPEC members Iraq and Ecuador, which threatened to disrupt their oil output. Hence, WTI futures fell by 0.2% to $52.63 a barrel, while Brent crude edged 0.2% down at $58.24 a barrel.