BAKU, Azerbaijan, Jan.31
By Leman Zeynalova – Trend:
BP will continue gas lift project at Chirag platform at the Azeri-Chirag-Gunashli (ACG) block of fields in the Azerbaijani sector of the Caspian Sea throughout 2020, BP Azerbaijan told Trend.
“The gas lift project aims to bring high pressure gas lift facilities onto a platform to add to the lifetime of the wells and through it to the production. Currently, we are implementing this project on the Chirag platform which has been in operation since November 1997. The execution of this project is currently ongoing and will continue throughout this year,” said the company.
Chirag is the only platform on the Azeri-Chirag-Gunashli which does not have gas lift, all other platforms have had it since their start-up, said BP Azerbaijan.
The Chirag platform is one of the six BP operated platforms to produce from the Azeri-Chirag-Gunashli field in the Azerbaijani sector of the Caspian Sea.
The platform has been on production since 1997 and wasn’t developed with any means of artificial lift.
On September 20, 1994, the Government of Azerbaijan and a group of international oil companies representing eight countries signed the Azeri-Chirag-Gunashli Production Sharing Agreement, which later became known as the “Contract of the Century”. The Contract was extended in September 2017 until mid-century.
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).
In November 2019, Hungarian MOL Group company signed an agreement with Chevron Global Ventures Ltd and Chevron BTC Pipeline Ltd to acquire a 9.5-percent stake in the development project of the ACG block of oil and gas fields and an 8.9-percent stake in the Baku-Tbilisi-Ceyhan (BTC) pipeline project.
The total value of the contract is $1.5 billion, taking into account adjustments at the closing of the transaction, which will be financed through the existing liquidity of the company. Upon completion of this transaction, MOL will become the third biggest partner in the ACG. The transaction is expected to be completed by the second quarter of 2020.
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