SOCAR to increase its share in ACG within new contract (UPDATE)
Details added (first version posted on 15:12)
Baku, Azerbaijan, Oct.14
By Maksim Tsurkov - Trend:
The contract on further development of Azeri-Chirag-Guneshli block of oil and gas fields in the Azerbaijani sector of the Caspian Sea will be signed by late 2015, first vice president of the State Oil Company of Azerbaijan (SOCAR) Khoshbakht Yusifzade told reporters Oct.14.
The contract will be signed between SOCAR and its partners.
Yusifzade said SOCAR will increase its share in the ACG project within the new contract, however, he didn't specify the exact volume.
The current contract on developing the ACG expires in 2024.
"The contract will be extended until 2040," said SOCAR's vice president and didn't rule out the possibility of prolonging it until 2060.
The contract for development of ACG field was signed in 1994. The proven oil reserve of the block nears 1 billion tons.
The shareholders of the project are: BP (operator in the Azeri-Chirag-Guneshli) - 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 ONGC - 2.72 percent.
Edited by SI
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