Transferring assets to state not to affect foreign partners in Azerbaijan
Azerbaijan, Baku, Aug.9 / Trend, E. Ismayilov /
Transferring assets within the Azeri-Chirag-Guneshli oil and gas fields block development project to state ownership will not affect foreign partners in the project, State Oil Fund of Azerbaijan (SOFAZ) told Trend.
SOFAZ said transferring the assets will not affect the terms of their use.
"Everything remains unchanged, only the status will change," SOFAZ said.
According to SOFAZ, BP, which is the project's operator, will use all its assets and also continue to provide the necessary service and maintenance of all the equipment and infrastructure.
According to forecasts, the process of transferring assets within ACG to state ownership may be completed by late 2011.
A "zero balance" has already begun within the ACG project.
SOFAZ head Shahmar Movsumov said earlier that it needs to legalize the procedure to transfer the assets to state ownership.
Participants of the project to develop Azeri-Chirag-Guneshli are: BP (operator - 35.83 percent), Chevron (11.27 percent), Inpex (10.96 percent), AzACG (11.6 percent), Statoil (8.56 percent), Exxon (8 percent), TPAO (6.75 percent), Itocu (4.3 percent) and Hess (2.72 percent).
A total of 40.6 million tons of oil were produced from ACG in 2010. Daily production of oil from this block of fields in 2010 amounted to 823,100 barrels.
PSA contract for this project was signed in 1994 for 25 years with the right of extending for another five years.