BP talks on steps to unlock remaining barrels at Azeri-Chirag-Gunashli

BP talks on steps to unlock remaining barrels at Azeri-Chirag-Gunashli

BAKU, Azerbaijan, Jan.31

By Leman Zeynalova – Trend:

The most important step is the implementation of the next phase of Azeri-Chirag-Gunashli (ACG) development which includes the construction of the Azeri Central East (ACE) platform which was sanctioned on 19 April 2019, BP Azerbaijan told Trend, answering the question about the steps taken by BP and its partners to unlock the remaining barrels at the block.

The company said ACE is expected to deliver ~300 million barrels incremental production from the platform over the lifetime of the PSA to 2049.

“The ACE jacket and topsides are currently being built using the fabrication yards in Bibi-Heybat and Heydar Aliyev Baku Deepwater Jackets Factory. Once completed these facilities will be installed using Caspian-based vessels,” said BP Azerbaijan.

The company said it is expected that, at peak, construction activities will create up to 8,000 jobs.

“The first production is planned to be achieved in 2023. ACE will use remote operations technologies which will enable platform start up from onshore,” said BP Azerbaijan.

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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Follow the author on Twitter: @Lyaman_Zeyn

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