BP: Agreement on Caspian Oil Field prolonged up to 2050

07/09/2017 13:30 Oil Market

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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.  
 

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