Baku, Azerbaijan, Feb. 6
By Maksim Tsurkov – Trend:
The BP company expects the ‘Contract of the Century’ for the further development of the Azeri-Chirag-Gunashli (ACG) block of oil and gas fields in the Azerbaijani sector of the Caspian Sea, to be signed in the middle of 2017, Gordon Birrell, BP’s regional president for Azerbaijan, Georgia and Turkey, told reporters in Baku Feb. 6.
He said that BP is very pleased with the letter of intent signed with Azerbaijan’s state oil company SOCAR for the future development of the block.
On Dec. 23, 2016, the SOCAR and the BP-operated Azerbaijan International Operating Company extended the ‘Contract of the Century’ by 2050.
Birrell didn’t give any further comment on the details of the new agreement, adding that it is premature to disclose the BP’s vision, plans and schemes of the further development of the ACG, because the negotiations are still ongoing.
BP Azerbaijan operates the development of the ACG block. The contract for development of the ACG block was signed in 1994 for a period of 30 years. The proven oil reserve of the block nears one billion tons.
Shareholders of the project are BP (35.78 percent), Chevron (11.27 percent), Inpex (10.96 percent), AzACG (11.65 percent), Statoil (8.55 percent), Exxon (8 percent), TPAO (6.75 percent), Itochu (4.3 percent) and ONGC (2.72 percent).
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