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ExxonMobil sums up performance results at Azeri-Chirag-Gunashli

Oil&Gas Materials 5 April 2021 14:09 (UTC +04:00)
ExxonMobil sums up performance results at Azeri-Chirag-Gunashli

BAKU, Azerbaijan, Apr.5

By Leman Zeynalova - Trend:

ExxonMobil's net acreage at Azeri-Chirag-Gunashli (ACG) block of fields in Azerbaijan totaled 7 thousand offshore acres at year-end 2020, Trend reports citing the company.

During the year, a total of 0.7 net development wells were completed, said ExxonMobil.

The production sharing agreement (PSA) for the development of the Azeri-Chirag-Gunashli field was established for an initial period of 30 years starting from the PSA execution date in 1994. The PSA was amended in September 2017 to extend the term by 25 years to 2049. Other exploration and production activities are governed by PSAs negotiated with the national oil company of Azerbaijan. The exploration period typically consists of three or four years with the possibility of a one to three-year extension. The production period, which includes development, is for 25 years or 35 years with the possibility of one or two five-year extensions.

BP data shows that total ACG production for the full year of 2020 was on average about 477,000 barrels per day (b/d) (about 175 million barrels or 23.6 million tonnes in total) from the Chirag (34,900 b/d), Central Azeri (113,200 b/d), West Azeri (118,900 b/d), East Azeri (64,200 b/d), Deepwater Gunashli (95,400 b/d) and West Chirag (50,400 b/d) platforms.

In 2021, the level of production at ACG is forecasted at 487,000 barrels per day.

BP Exploration (Caspian Sea) Limited is the operator on behalf of the Contractor Parties to the ACG Production Sharing Agreement.

ACG participating interests are: bp (30.37%), SOCAR (25.0%), MOL (replaced Chevron as of 16 April 2020 (9.57%), INPEX (9.31%), Equinor (7.27%), ExxonMobil (6.79%), TPAO (5.73%), ITOCHU (3.65%), ONGC Videsh Limited (OVL) (2.31%).

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