SOCAR Receives More than $2bln from Sale of Profit Oil: SOCAR Head
Azerbaijan, Baku, 2 Fenruary / Trend / Since 1999, the State Oil Company of Azerbaijan (SOCAR) received more than $2bln from the sale of profit oil produced from Azeri-Chirag-Guneshli fields, said the SOCAR President, Rovnak Abdullayev, in his interview to official media.
Last year the consortium of the companies, developing Azeri-Chirag-Guneshli fields, produced more than 32mln tons of oil compared to 23mln tons in 2006.
ACG Participating Interests are: BP (operator - 34,1%), Chevron (10,2%), SOCAR (10%), INPEX (10%), Statoil (8,6%), ExxonMobil (8%), TPAO (6.8%), Devon (5,6%), ITOCHU (3,9%), Amerada Hess (2,7%). The PSA on ACG development was signed was signed in September 1994. The efficiency term of PSA is 30 years. Production from Chirag was set up in 1997, in Central Azeri - early 2005, West Azeri - early 2006, East Azeri - late 2006. The commencement of the production from the Deepwater Guneshli field is scheduled for mid 2008.