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SOCAR increases its stake in largest oil project

Oil&Gas Materials 15 July 2011 11:23
The State Oil Company of the Azerbaijan Republic (SOCAR) has completed the process of increasing the project equity in the development of the Azeri-Chirag-Guneshli (ACG) offshore fields and already obtains profit from additional percentages, SOCAR Head Rovnag Abdullayev said on Friday.
SOCAR increases its stake in largest oil project

Azerbaijan, Baku, July 15 / Trend E.Ismayilov /

The State Oil Company of the Azerbaijan Republic (SOCAR) has completed the process of increasing the project equity in the development of the Azeri-Chirag-Guneshli (ACG) offshore fields and already obtains profit from additional percentages, SOCAR Head Rovnag Abdullayev said on Friday.

The increasing equity of SOCAR affiliate - AzACG Limited Company in the ACG by 1.6461 percent - up to 11.6461 percent - occurred due to an acquisition from Devon's shares.
SOCAR has acquired part of the Devon stake from British BP, which was formerly involved in the project and sold its assets in Azerbaijan.

The contract to develop the Azeri-Chirag-Guneshli fields was signed in 1994. Devon sold its 5.63 percent share in Azeri-Chirag-Guneshli in 2010 to its project partners - BP (3.29 percent), Chevron (0.99 percent), Inpex (0.96 percent) and Itocu (0.38 percent).

Currently the participation share of the operator BP in Azeri-Chirag-Guneshli is 35.83 percent, Chevron - 11.27 percent, Inpex - 10.96 percent, AzACG - 11.16 percent, Statoil - 8.56 percent, Exxon - 8 percent, TPAO - 6.75 percent, Itocu - 4.3 percent, and Hess - 2.72 percent.

In 2010 Azeri-Chirag-Guneshli produced 40.6 million tons of oil compared to over 40.3 million tons in 2009. Production of oil from this block in 2010 averaged 823,100 barrels per day.

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