ACG complete development programme to be ready by year end

Oil&Gas Materials 8 May 2013 14:55 (UTC +04:00)

Azerbaijan, Baku, May 8 / Trend E. Ismailov /

The preparation of the programme covering the complete development of the Azeri-Chirag-Guneshli oil and gas fields block in the Caspian Sea will be completed by the end of 2013, President of SOCAR (State Oil Company of Azerbaijan) Rovnag Abdullayev told journalists on Tuesday.

According to him the development programmes of the fields in 2013-2014, as well as their state until 2024, and at the end of their development process are being researched now.

"This means by the end of this year there will be results and we will get the fields complete development programme concluded," Abdullayev said.

Touching on the issue of oil prices, the head of SOCAR noted that at present the State Oil Company while implementing long term projects, considers basic oil price to be $75 per barrel, whereas before it was $50.

Equity participation in the contract on ACG is distributed as follows: 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, Itochu - 4.3 percent, and ONGC - 2.72 percent.