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BP: Contract for development of deep-lying gas at ACG planned for 2014

Oil&Gas Materials 29 January 2014 17:35 (UTC +04:00)
Negotiations for the development of deep-lying gas at Azeri-Chirag-Guneshli block of oil and gas fields are planned to be completed in 2014.

Baku, Azerbaijan, Jan. 29

By Emil Ismayilov - Trend:

Negotiations for the development of deep-lying gas at Azeri-Chirag-Guneshli block of oil and gas fields are planned to be completed in 2014, head of BP Azerbaijan Gordon Birrell told journalists on Jan.29.

Currently negotiations on this issue are underway with the State Oil Company of Azerbaijan (SOCAR), according to Birrell.

"We hope that the negotiations will be completed by late 2014," Birrell said.

It is necessary to sign a new contract for the development of Azeri-Chirag-Guneshli. The deep-lying gas reserves in Azeri-Chirag-Guneshli are estimated at 300 billion cubic meters.

The contract for the development of Azeri-Chirag-Guneshli large offshore field was signed in 1994.

Shares in the contract for development of Azeri-Chirag-Guneshli block of fields is distributed as follows: BP (operator in Azeri-Chirag-Guneshli) - 35.78 percent, Chevron - 11.27 percent, Inpex - 10.96 percent, AzACG - 11.65 percent, Statoil - 8.56 pe cent, Exxon - eight percent, TPAO - 6.75 percent, Itochu - 4.3 percent and ONGC - 2.72 percent.

As SOCAR head Rovnag Abdullayev said previously, the agreement for deep-lying gas development in the ACG will be concluded on the basis of a new risk service agreement. The first Azeri-Chirag-Guneshli contract was a production sharing agreement (PSA). A new type of contract will allow an increase in the volume of SOCAR's of energy resources.

Translated by L.Z.

Edited by C.N.

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