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SOCAR increases its stake in ACG

Oil&Gas Materials 26 July 2011 11:32
The State Oil Company of the Azerbaijan Republic ( SOCAR ) has obtained a portion of British BP shares in the development of the Azeri-Chirag-Guneshli (ACG) offshore fields in the Azerbaijani sector of the Caspian Sea for $585 million, a BP report on the second quarter of 2011 says.
SOCAR increases its stake in ACG

Azerbaijan , Baku, July 26 / Trend E.Ismayilov /

The State Oil Company of the Azerbaijan Republic ( SOCAR ) has obtained a portion of British BP shares in the development of the Azeri-Chirag-Guneshli (ACG) offshore fields in the Azerbaijani sector of the Caspian Sea for $585 million, a BP report on the second quarter of 2011 says.

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, earlier obtained by BP from Devon.

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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