Azerbaijan expects proposals from ACG partners to develop deep gas reserves
Azerbaijan, Baku, May 10 /Trend, E.Ismayilov/
SOCAR (State Oil Company of Azerbaijan) expects response offers from its partners on development block of Azeri-Chirag-Guneshli fields to develop gas reserves in deep bedding on these fields, the President of SOCAR Rovnag Abdullayev said on May 10.
Previously, SOCAR presented its partners the proposals on the project.
"We expect response proposals from our partners. After we receive the proposals, they will be assessed. After this, a decision will be made on the project," said Abdullayev.
The agreement on the joint development and production of ACG was signed in September 1994 for a duration of 30 years.
Deep gas reserves on ACG field are estimated at 500 billion cubic meters. The deep gas is supposed to be developed under new (separate) production sharing agreement (PSA).
Participants of the project are BP (operator - 34.1367 percent of share holding), Chevron (10.2814 percent), SOCAR (10 percent), INPEX (10 percent), Statoil (8.5633 percent), ExxonMobil (8.006 percent), TPAO (6.75 percent), Devon Energy (5.6262 percent), Itochu (3.9205 percent), Delta Hess (2.7213 percent).