Baku, Azerbaijan, Oct.22
By Leman Zeynalova – Trend:
INPEX Corporation, Japan's largest oil and gas exploration and production company, is studying other viable business opportunities in Azerbaijan, the company told Trend.
“As you may already know, INPEX currently has a 9.31 percent participating interest (through INPEX Southwest Caspian Sea, Ltd.) in the Azeri-Chirag-Gunashli (ACG) Oil Fields in the region of the south Caspian Sea in Azerbaijan. At the ACG Oil Fields, oil is being produced at the Chirag, the Central Azeri, the West Azeri, the East Azeri, the Deepwater Gunashli and the West Chirag. In September 2017, INPEX announced an agreement with the State Oil Company of the Azerbaijan Republic (SOCAR) extending the duration of the company’s rights by 25 years to December 31, 2049,” said the company.
INPEX Corporation said the ACG Oil Fields project is central to the company’s business operations in Azerbaijan, and it will continue to contribute to sustaining production levels and ensuring stable operations.
“While currently, there are no operational plans in Azerbaijan outside of the ACG Project, the company is gathering intelligence and information on an ongoing basis to study other viable business opportunities. Going forward, INPEX will continue to work closely with SOCAR and the Azerbaijani government and further extend this long-term relationship built on trust,” said the company.
Elsewhere in Central Asia, INPEX said it has a 7.56 percent participating interest (through INPEX North Caspian Sea, Ltd.) in the Offshore North Caspian Sea Contract Area in Kazakhstan, including the Kashagan Oil Field, where production levels are currently at about 300,000 barrels of oil per day.
“INPEX’s core business areas are Japan, Australia, Indonesia and Abu Dhabi, while the company also pursues significant business operations in Central Asia as already outlined. In terms of exploration, the company has in recent years acquired exploratory blocks in the Mexican sector of the Gulf of Mexico and offshore Norway, both of which are considered promising areas where further hydrocarbon discoveries are believed possible,” said the company.
INPEX said it is currently involved in approximately 70 projects across more than 20 countries around the world.
A contract for development of ACG block was signed in 1994. A ceremony to sign a new contract on development of the ACG block until 2050 was held in Baku Sept. 14, 2017.
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