The State Oil Company of Azerbaijan did not yet make any decision on commencement of deep gas development at Azeri-Chirag-Guneshli field, Trend reports with reference to SOCAR.
В"The decision on gas block development as per the PSA shall be made by SOCAR,w hcih actually did not make it yetВ", said SOCAR officials.
In such case, said SOCAR officials, making such a decision will cause the
gas development contract revision as the countrys financial and credit state ha changed. В"The terms will be much tougher than those for the other projectsВ", they outlined.
SOCARs partners in ACG are: Р'Р (operator with 34.1%), Unocal (10.2%), INPEX (10%), Statoil (8.6%), ExxonMobil (8%), TPAO (6.8%), Devon (5.6%), ITOCHU (3.9%), Amerada Hess (2.7%).
The PSA signed with said companies in 1994 covers only the development of oil reserves at this field. The free gas and condensate reserves are subject to individual agreement. Today only the higher formation at ACG is developed, while lower horizons, like Kyrmaky and Kalin, are supposedly gas-bearing ones. By preliminary estimations, gas reserves total several hundreds billion cubic meters.