Azerbaijan, Baku, March 13 / Trend, E. Ismayilov /
The developers of the "Azeri-Chirag-Guneshli" project have received a preliminary contract for deep-lying gas development, SOCAR head Rovnag Abdullayev told media today.
He added that it was a risk service agreement. The first Azeri-Chirag-Guneshli contract was a production sharing agreement (PSA).
More contracts will only increase production volume. International organizations evaluate oil and gas companies in terms of their reserves. Finalizing new types of contracts will allow SOCAR to increase its activity, Abdullayev said.
The deep-lying gas reserves in Azeri-Chirag-Guneshli are estimated at 300 billion cubic meters.
Abdullayev said earlier that the basic commercial principles for the project have been already agreed upon.
The contract to develop the Azeri-Chirag-Guneshli offshore field was signed in 1994.
Project participants are: BP (operator, 35.78 percent), Chevron (11.27 percent), Inpex (10.96 percent), AzACG (11.65 percent), Statoil (8.56 percent), Exxon (8 percent), TPAO (6.75 percent), Itocu (4.3 percent) and Hess (2.72 percent).