BP: Agreement on Caspian Oil Field prolonged up to 2050

07/09/2017 13:30 Oil Market


In the following days, a deal is likely to be inked between Azerbaijan and BP on extending the development of the Azeri-Chirag-Gunashli (ACG) oil field up to 2050.  

The first contract between Azerbaijan and a consortium of foreign oil companies to expand the oil field was signed in 1994 for a period of 30 years. 

At the end of last year, all the co-partners came with a letter of intent to continue the exploration of the oil field until 2050.

The president of Azerbaijan announced that the agreement will be signed soon. 

Oil production in the ACG field commenced in November 1997. In 2016 the output represented more than 3 billion barrels of oil with around US$33 billion of investment.

The ACG extraction infrastructure comprises six producing platforms connected to an onshore terminal in Sangachal near Baku. The oil export is performed mainly via the Baku-Tbilisi-Ceyhan oil export pipeline.

The platforms of the ACG field produced around 585,000 bpd in the first semester of 2017. In the same period of the year, the operating expenditure of BP and its associates amounted to US$230 million, while the capital expenditure accounted for approximately US$601 million.  

France awards 576 MW in oversubscribed onshore wind tender

10/10/2019 12:59:00

Projects with a combined capacity of 576 MW were successful in the fourth call of tenders for onshore wind power capacity in France, the government said on Tuesday.


EIB to provide 110 mln euro loan to BEH for Greece-Bulgaria gas link construction

10/10/2019 12:56:00

The European Investment Bank (EIB) said on Thursday that it will provide a 110 million euro ($121 million) loan to state-owned Bulgarian Energy Holding to fund part of the Gas Interconnector Greece-Bulgaria (ICGB) project, which will also help establish a link with the Trans Adriatic Gas Pipeline (TAP).


Daily (10.10.2019): NBP spot tumbled by 19% on Wednesday due to rising imports from the North Sea and higher wind generation

10/10/2019 11:34:00

Crude oil prices were rather constant on Wednesday. Brent crude traded 0.1% up at $58.32 a barrel, as recent Turkish attacks against northeast Syria could affect the economy of the oil-producing Kurdistan region. Meanwhile, a more-than-expected rise in weekly crude stocks put pressure on the WTI futures, which slipped by 0.1% to $52.59 a barrel.