Azerbaijan's ACG among top 5 projects shaping BP's future dev't plans

Oil&Gas Materials 31 July 2019 15:18 (UTC +04:00)

Baku, Azerbaijan, July 31

By Sara Israfilbayova – Trend:

The British energy giant BP believes that making final investment decision on five projects of the company in the world, including Azerbaijan, provides the basis for the company’s future growth over the next decade, Trend reports with reference to the company’s presentation following the second quarter of this year.

BP CEO Bob Dudley said that this year five major projects were sanctioned, including two projects in the Gulf of Mexico, as well as in Azerbaijan, the North Sea and India.

BP and its partners in April announced the sanctioning of the Azeri Central East (ACE) project, the next stage of development of the giant Azeri-Chirag-Gunashli (ACG) field in the Azerbaijan sector of the Caspian Sea.

The ACE project is centered on a new 48-slot production, drilling and quarters platform located mid-way between the existing Central Azeri and East Azeri platforms in a water depth of approximately 140 meters.

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.

BP and its partners in April have agreed upon the "Azeri-Central-East" project worth $6 billion in Azerbaijan.

ACG participating interests are: BP (30.37 percent), SOCAR (25 percent), Chevron (9.57 percent), INPEX (9.31 percent), Equinor (7.27 percent), ExxonMobil (6.79 percent), TPAO (5.73 percent), ITOCHU (3.65 percent), ONGC Videsh Limited (OVL) (2.31 percent).


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