BAKU, Azerbaijan, Dec. 20
By Elchin Mehdiyev - Trend:
Direct revenue of the Azerbaijani government from the Azeri-Chirag-Gunashli (ACG) block of fields exceeds $140 billion, BP Vice President for Communications, External Affairs and Strategy in Azerbaijan, Georgia and Turkey Bakhtiyar Aslanbayli said at the 2nd Republican Forum of Foreign Trade Participants, Trend reports from the event Dec. 20.
Aslanbayli noted that 112 billion cubic meters of gas have been extracted so far from the Shah Deniz gas condensate field.
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.