Rig to begin work in Azerbaijani sector of Caspian Sea after planned repair work

Economy Materials 9 September 2015 12:48 (UTC +04:00)

Baku, Azerbaijan, Sept. 9

By Maksim Tsurkov - Trend:

The Dede Gorgud floating drilling rig after scheduled repair and upgrade will soon begin its work on the Azeri-Chirag-Guneshli (ACG) block of oil fields in the Azerbaijani sector of the Caspian Sea, a source on the oil and gas market told Trend Sept.8.

The modernization work is currently being carried out at the rig which is located at the Baku shipyard, according to the source.

"The work will be fully completed after a week and the rig will be sent to the block," said the source. "Resumption of the work of the platform at ACG will provide an opportunity to increase the average daily rate of oil production."

Caspian Drilling Company (92.44-percent share is owned by SOCAR) is the operator of Dede Gorgud floating semisubmersible drilling rig.

BP and its partners produced 16 million tons (116 million barrels) of oil at Azeri-Chirag-Guneshli block of oil and gas fields in H1 of 2015, which is equal to that of H1 2014.

The average daily volume of oil production at the block stood at 641,000 barrels during the reporting period. This is while the average daily volume of oil production at West Azeri platform totaled 107,000 barrels.

The contract for development of ACG field was signed in 1994.

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.

Edited by CN


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