BAKU, Azerbaijan, Nov.5
By Leman Zeynalova – Trend:
During the first three quarters, Azeri-Chirag-Gunashli (ACG) block of oil and gas fields in the Azerbaijani sector of the Caspian Sea delivered an average of 5.7 million cubic metres per day of ACG associated gas to SOCAR (1.6 billion cubic metres in total), primarily at the Sangachal Terminal but also to SOCAR’s Oil Rocks facility, Trend reports citing BP.
The remainder of the associated gas produced was re-injected for reservoir pressure maintenance, reads the report.
This is while in the first three quarters of 2018, ACG delivered an average of about 6.6 million cubic metres per day of ACG associated gas to SOCAR (1.8 billion cubic metres in total).
The contract for developing the ACG field was signed in 1994. A ceremony to sign a new contract on development of the ACG block of oil and gas fields was held in Baku Sept. 14, 2017.
The ACG participating interests are 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; ONGC Videsh Limited (OVL) - 2.31 percent.
Hungarian MOL Group has signed an agreement with Chevron Global Ventures Ltd and Chevron BTC Pipeline, Ltd to acquire their non-operated E&P and mid-stream interests in Azerbaijan, including a 9.57 percent stake in the Azeri-Chirag-Gunashli (ACG) oil field, and an effective 8.9 percent stake in the Baku-Tbilisi-Ceyhan (BTC) pipeline that transports the crude to the Mediterranean port of Ceyhan, for total consideration of USD 1.57 billion (subject to adjustments at closing).
The transaction remains subject to government and regulatory approvals and is expected to close by Q2, 2020.
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