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Azerbaijan presents new oil deal proposals to foreign partners

Oil&Gas Materials 25 May 2016 20:52 (UTC +04:00)

Baku, Azerbaijan, May 25

By Azad Hasanli - Trend:

Azerbaijan's state oil company SOCAR has presented to its partners the final proposals on the new contract for developing the Azeri-Chirag-Guneshli (ACG) block of oil and gas fields, SOCAR President Rovnag Abdullayev told reporters in a briefing May 25.

He said the talks on the issue have already been completed.

"We have presented our proposals on the ACG, and now they should work out and present their final proposals and consider our proposals," said Abdullayev. "If the partners agree with our proposals, we will not extend the current contract, but will sign a new one with new terms and for a long period."

The contract for developing the ACG field was signed in 1994. The proven oil reserve of the block nears 1 billion tons.

The shareholders of the project are: BP (operator in the Azeri-Chirag-Guneshli) - 35.78 percent, Chevron - 11.27 percent, Inpex - 10.96 percent, AzACG - 11.65 percent, Statoil - 8.56 percent, Exxon - 8 percent, TPAO - 6.75 percent, Itocu - 4.3 percent and ONGC - 2.72 percent.

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