Equinor says decision to add one platform to ACG contributing to its int’l strategy

Equinor says decision to add one platform to ACG contributing to its int’l strategy

Baku, Azerbaijan, April 19

By Leman Zeynalova – Trend:

The decision to add one platform to Azeri-Chirag-Gunashli (ACG) block of oil and gas fields in the Azerbaijani sector of the Caspian Sea is contributing to Equinor’s international strategy, Trend reports with reference to a message on the Norwegian company’s website.

The remarks came on the occasion of the decision to approve $6 billion worth Azeri Central East (ACE) project, the next stage of development of the giant ACG field.

"Equinor has been creating significant value in Azerbaijan over many years, and we are excited to reach this milestone. Together with operator BP we are eager to contribute to safe operations that will provide cash flow to Equinor for many years," says Torgrim Reitan, Executive vice president for Development & Production International (DPI) in Equinor.

In addition to the ACG ACE decision Equinor said it is pursuing other opportunities in Azerbaijan.

“Equinor and partner SOCAR are planning to drill an appraisal well later this year in the Karabagh license, a discovery from 2000,” said the company.

Following the drilling in Karabagh, the plan is to drill the Aypara exploration well in the Ashrafi, Dan Ulduzu, Aypara licence, according to Equinor.

“Azerbaijan is an important country for Equinor and over the last few years we have been able to develop new growth opportunities in the region. The decision to add one platform to the ACG field is contributing to Equinor’s international strategy," says Reitan.

Equinor has been in Azerbaijan since 1992.

The Steering Committee for the development of the Azeri and Chirag fields and the Deep Water portion of the Gunashli (ACG) field (including SOCAR, BP, Chevron, INPEX, Equinor, ExxonMobil, TPAO, ITOCHU and ONGC Videsh) has announced the sanctioning of the Azeri Central East (ACE) project, the next stage of development of the giant ACG field in the Azerbaijan sector of the Caspian Sea.

The $6 billion development includes a new offshore platform and facilities designed to process up to 100,000 barrels of oil per day. The project is expected to achieve first production in 2023 and produce up to 300 million barrels over its lifetime.

ACG participating interests are: BP (30.37 per cent), SOCAR (25.0 per cent), Chevron (9.57 per cent), INPEX (9.31 per cent), Equinor (7.27 per cent), ExxonMobil (6.79 per cent), TPAO (5.73 per cent), ITOCHU (3.65 per cent), ONGC Videsh Limited (OVL) (2.31 per cent).

---

Follow the author on Twitter: @Lyaman_Zeyn

Subscribe to Trend in Google News! Subscribe
Sudan security forces fire tear gas on protesters
Sudan security forces fire tear gas on protesters
EU regulator set to rule on Pfizer COVID pill by end-Jan, ahead of Merck
EU regulator set to rule on Pfizer COVID pill by end-Jan, ahead of Merck
Labour migration from Turkey to Germany slightly increased in 2021
Labour migration from Turkey to Germany slightly increased in 2021
Loading Bars
Latest
Armenia sincerely wishes to normalize relations with Turkey - Nikol Pashinyan
Armenia ready to sign peace agreement with Azerbaijan - Pashinyan
Sudan security forces fire tear gas on protesters
Launch of Baku-Shusha bus route of particular importance for Shusha city - Special Representative of Azerbaijani President
Azerbaijan talks applications received by SMB Development Agency on creating business in liberated lands
Uzbekistan working to establish power supply in Tashkent region
Azerbaijan discloses annual turnover growth of E-PUL payment system for 2021
Price indexes of financial, construction sectors at Uzbek stock exchange fall
Toyota Caucasus becomes member of Business Association of Georgia
Azerbaijan shares data on number of vaccinated citizens
Azerbaijan confirms 757 more COVID-19 cases, 302 recoveries
Turkmen livestock complex in Akhal region names volume of production
Uzbek company reveals volume of exports to French Bonduelle
Bank of Georgia supports new tower construction in Tbilisi
Iran’s Bahar Azadi gold coin price continues to rise
Azerbaijan sees growth in local banks' total assets in 2021
Azerbaijan unveils number of businesses affected during second Karabakh war (PHOTO)
Azerbaijan's monetary base increases in 2021
Iran shares value of shrimp exports
Azerbaijan’s Small and Medium Business Development Agency discloses number of start-up certificates issued in 2021
Azerbaijani President Ilham Aliyev sends congratulatory letter to chairperson of Organization of War, Labor and Armed Forces Veterans
Central Bank of Iran shares data on country’s foreign debts
Iran sees increase in liquidity
Azerbaijani Small & Medium Business Dev't Agency talks about its activities in 2021
Serbian deputy PM to visit Azerbaijan
EU regulator set to rule on Pfizer COVID pill by end-Jan, ahead of Merck
Kazakhstan records decrease in annual inflation in December 2021
Low-carbon transition pressures to accelerate in 2022
Iran unveils volume of electricity generated by Esfahan TPP
Capital of Iran’s Bank Mellat soars
Uzbekistan sees increase in newly created enterprises
IOM talks about areas of cooperation with Turkmenistan in 2022
Luxembourg’s SES S.A. continues steps within Kazakhstan’s state program foe economy dev't
Croatia to send three delegations to Azerbaijan
Luxembourg’s SES S.A. to launch satellites to boost internet speed in Kazakhstan
Labour migration from Turkey to Germany slightly increased in 2021
Iran shares data on production capacity of Petrochemical Special Economic Zone
Kazakhstan maintains positive trend in local consumer demand
Kazakhstan’s Samruk-Kazyna Fund preliminarily approves new procurement procedure
Georgia sees growth in residential property price index
Brazil's Embraer wins order for 20 aircraft from U.S. lessor Azorra
Judicial investigation of two Armenian citizens accused of terrorism completed in Azerbaijan
Russia records another 65,109 coronavirus cases
Azerbaijan's BTB Bank announces net profit for 2021
Georgia's hotels to see increase in demand – forecast
People wanted for grave crimes extradited to Azerbaijan - Prosecutor General
India’s imports from China soar to almost $100 bn, led by smartphones, machinery
Uzbekistan reveals structure of foreign trade turnover
Iran reveals COVID-19 data for January 24
Boeing invests $450 mln in flying taxi developer Wisk
Azerbaijan Gymnastics Federation resuming local competitions
German group of companies to construct plant in Uzbekistan
Turkmenistan's Akhal Electric Power Station boosts output rate
Azerbaijani police calls on citizens coming to Shusha to observe security rules
Georgia to provide financial support to senior citizens - PM
India's Infosys confident about more offshoring opportunities
Azerbaijani Defence Minister meets with Finland's MFA delegation (PHOTO)
Turkmen multifilament yarn manufacturer exports to foreign markets
National Bank of Kazakhstan increases base rate
JPMorgan merges EU operations into single German business
Turkmen enterprise reveals output of glass sheets
Turkmenistan's State Bank for Foreign Economic Affairs opens tender for audit
TAP’s technical forward capacity by Jan.30
Azerbaijan - Georgia's top fuel, lubricant supplier in 2021
NEQSOL Holding delivered Strategic HR Business Partner Program for HR professionals
Physical gas flows, nominations at TAP’s interconnections
Progress on iron foundry construction project in Kazakhstan unveiled
Weekly review of Azerbaijani oil market
Georgia’s hazelnuts export value, volume grow
Iran seeks to increase economic ties with Iraq
Iran to put taxes on petrochemical exports revenues
SOCAR Turkey talks on demand for STAR Refinery products
Kazakhstan unveils trade data with its top partners in Americas
First passenger bus from Baku arrives in Azerbaijan’s liberated Shusha (PHOTO/VIDEO)
Electricity generation booming at Iran’s biggest thermal power plant
Azerbaijan to hold auction to place Unibank’s bonds on Baku Stock Exchange
Azerbaijani AFB Bank discloses net profit for 2021
Turkmengaz to purchase material and technical resources via tender
Uzbekistan to support new projects of food producers
Anil Agarwal to set up $10 bn fund to hunt for govt assets
Outbreak alert: members of Georgia's government test positive for COVID-19
Azerbaijan approves agreement on customs co-op with Saudi Arabia
Iran records surge in number of flights via Shahid Beheshti Airport
Visa regime between Azerbaijan and Qatar cancelled
Iran's handmade carpet production declines
Footage of Iranian Minister of Roads and Urban Development arriving in Fuzuli International Airport published (PHOTO)
Uzbekistan to build new power units at its Angren TPP
Georgia’s Batumi City Hall talks loan interest to be paid out to EBRD, KfW
Turkmen Commodity and Raw Materials Exchange reveals trades for Jan. 17 through 22
Iran, Uzbekistan may be implementing eTIR system in pilot mode
Ukraine discloses number of incoming Azerbaijani tourists in 2021
Iran shares data on power generation of Shahid Rajaee TPP
First regular passenger bus from Baku arrives in liberated Aghdam (PHOTO)
Overall index of Tehran Stock Exchange drops
Kazakhstan increases fuel oil production in 10M2021
Uzbekistan to co-op with French Textile Industry Union in light industry
Iran discloses data on tourists visiting country
Azerbaijan to display historical monuments damaged by Armenia in Aghdam (PHOTO)
Bulgarian energy minister to visit Azerbaijan
Netaji Subhas Chandra Bose honoured by Indian Embassy In Germany; exhibition inaugurated
All news