SOCAR: Azeri-Chirag-Guneshli production program to be approved by late November

Oil&Gas Materials 7 November 2012 17:33 (UTC +04:00)

Azerbaijan, Baku, Nov.7 / Trend E.Ismayilov /

Partners on the development of a block of "Azeri-Chirag-Guneshli" oil and gas fields in the Azerbaijani sector of the Caspian Sea plan to approve a program of production for next year by late November, Head of the State Oil Company of Azerbaijan (SOCAR) Rovnag Abdullayev told journalists on Wednesday.

As Abdullayev said earlier, it is expected that next year volume of production on the block will hit about 33 million tons. In 2014 volume of production is planned to increase up to 35 million tons.

He said in accordance with a long-term program of development of the field for 2014-2024, it is planned to maintain this volume of production within long period of time.

Earlier addressing a meeting of the Cabinet of Ministers to discuss the results of the country's socio-economic development in nine months of 2012, and outline further priorities, President of Azerbaijan Ilham Aliyev said that serious mistakes of international consortium (Azerbaijan International Operating Company), operator of which is the company BP, led to a sharp decline in oil production on the Azeri and Chirag fields.

The contract on the Azeri-Chirag-Guneshli full field development was signed in 1994.

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). Hess has sold its share to Indian ONGC, the transaction will be completed in the first quarter of 2013.