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SOCAR reveals drilling plans at Azeri-Chirag-Guneshli by end-2017

Oil&Gas Materials 16 October 2017 17:59 (UTC +04:00)

Baku, Azerbaijan, Oct.16

By Leman Zeynalova – Trend:

It is planned to drill around 20 wells at Azeri-Chirag-Guneshli (ACG) block of oil and gas fields in the Azerbaijani sector of the Caspian Sea by late 2017, a high-ranking representative of Azerbaijan’s state oil company SOCAR told Trend.

“Plans are to drill around 18-19 water injection and production wells at the ACG by the year-end. There are wells, the drilling of which was commenced in 2016 and continued in 2017, while some wells began to be drilled in 2017 and will continue in 2018,” said the company representative.

The contract for developing the ACG field was signed in 1994. The field’s oil reserve is estimated at around 1 billion tons.

Shareholders of the project are BP (operator) - 35.78 percent, Chevron - 11.27 percent, INPEX - 10.96 percent, AzACG (SOCAR) - 11.65 percent, Statoil - 8.55 percent, Exxon - 8 percent, TPAO - 6.75 percent, ITOCHU - 4.3 percent and ONGC Videsh Limited - 2.72 percent.

The signing ceremony of a new contract on development of ACG block of oil and gas fields was held in Baku Sept. 14.

Following the ratification of the contract, the new ACG participating interests will be as follows: BP - 30.37 percent; AzACG (SOCAR) - 25 percent; Chevron - 9.57 percent; INPEX - 9.31 percent; Statoil - 7.27 percent; ExxonMobil - 6.79 percent; TP - 5.73 percent; ITOCHU - 3.65 percent and ONGC Videsh Limited (OVL) - 2.31 percent.

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