Assets within ACG project passed to state
Azerbaijan, Baku, June 3 / Trend E. Ismayilov /
The State Oil Fund of Azerbaijan (SOFAZ), the State Oil Company of Azerbaijan (SOCAR) and British BP work over legalizing the right of state ownership of all assets within the project to develop the block of Azeri-Chirag-Guneshli fields, SOFAZ head Shahmar Movsumov said.
He said that a "zero balance" has already begun within this project when all companies fully returned capital investments. It means an automatic transfer of ownership of all assets on the balance of the state.
"But it also means that they [the companies participating in the project] will continue using these assets till the term of the contract compltes," he said.
ACG participating interests are: BP (operator - 37. 4 percent), Chevron (11.3 percent), SOCAR (10 percent), INPEX (11 percent), Statoil (8.6 percent), ExxonMobil (8 percent), TPAO (6.7 percent), ITOCHU (4.3 percent), Hess (2.7 percent).
PSA contract for this project was signed in 1994 for 25 years with the right of extending for another five years.