Socar and BP’s consortium to extend the development of Azeri-Chirag-Gunashli oilfields until 2050

26/12/2016 10:52 Oil Market

news

Azerbaijan’s energy major SOCAR and BP-operated Azerbaijan International Operating Company (AIOC) signed a deal to extend the development the Azeri biggest fields by a quarter of century to 2050.

The existing Azeri-Chirag-Gunashli (ACG) production sharing agreement (PSA) was signed in September 1994 for 30 years. Oil production from the field began in November 1997.

 

To date, the field has produced more than 3 billion barrels of oil with around $33 billion of investment. BP ‘s consortium and Azeri state oil firm SOCAR on Friday signed a letter of intent to continue developing the giant ACG offshore fields until 2050.

 

The original contract was due to expire in 2024. The shareholders in the consortium include BP, Chevron, INPEX, Statoil, ExxonMobil, TPAO, ITOCHU and ONGC Videsh. ACG is known as the “Contract of the Century” and is very important to Azerbaijan - it is the symbol of Azeri oil industry.

 

ACG is a super-giant field located about 100 km east of Baku. It is the largest producing oil field in the Caspian Sea and covers an area of more than 432 square kilometers.

Daily (14.10.2019): Brent crude climbed by over 2.4% on Friday, following an Iranian tanker explosion in the Red Sea

14/10/2019 11:48:00

Crude oil prices soared on Friday, bolstered by rising tensions in the Middle East following a missile attack on an Iranian tanker. Hence, Brent crude traded 2.4% up at $60.51, while WTI futures rose by 2.2% to $54.70 a barrel.

<READ MORE

Repsol sets up renewables unit

11/10/2019 16:01:00

Spanish oil business Repsol has established a renewable energy subsidiary, Repsol Renovables and plans to have 4.5 GW of clean energy generation capacity in 2025. And the fossil fuel giant claims it already has a clean energy pipeline in place sufficient to hit 90% of that ambition.

READ MORE

Chongqing gas mine plans to build 10 billion square gas field

11/10/2019 15:58:00

Chongqing Daily reporter learned that the gas mine is speeding up the shale gas business and tapping the potential of the old area, and plans to stop the decline and pick up natural gas production by 2020, with natural gas production exceeding 5 billion square meters by 2025 and 8 billion square meters by 2035 and striving to reach 10 billion square meters.

READ MORE