Azerbaijan prepares new contract to develop gas reserves

Oil&Gas Materials 6 September 2012 15:27 (UTC +04:00)

Azerbaijan, Baku, Sept 6 /Trend E.Ismayilov/

A preliminary version of a new contract for the project to develop the deep lying gas on the Azeri-Chirag-Guneshli (ACG) field in the Azerbaijani sector of the Caspian Sea will be ready within one month, senior representative of State Oil Company of Azerbaijan (SOCAR) said on Thursday.

At present, ACG oil reserves are being developed based on the PSA contract, but the source noted that the contract will have a new form.

"Currently, the work on the contract is being carried out and its raw option will be ready in the coming months," the representative of SOCAR said.

As head of SOCAR Rovnag Abdullayev said previously, the basic principles of the commercial development project for the deep lying gas has already been agreed. Until the end of 2012, the company plans to sign a contract to develop deep lying gas with the participants of the ACG development.

Participants of the project to develop Azeri-Chirag-Guneshli are: BP (operator - 35.83 per cent), Chevron (11.27 per cent), Inpex (10.96 per cent), AzACG (11.6 per cent), Statoil (8.56 per cent), Exxon (eight per cent), TPAO (6.75 per cent), Itocu (4.3 per cent) and Hess (2.72 per cent).