According to specialists, significant free gas reserves are available in Kirmakiustu Sandy Suite and Gala Suite of Azerbaijan offshore bloc of fields, Azeri-Chiragh-Gunashli (ACG), Trend reports. AIOC (Azerbaijan International Operating Company) with its operator, BP, is currently developing only Fasila Suite and the tenth layer. The agreement signed among the parties on the ACG Project, covers only the development of oil reserves of the field which are deposited upper than Fasila Suite. The free gas and gas condensate reserves which are lower than this suite is a matter of a separate agreement.
According to the contract, the decision on the development of the gas bloc, which is lower than Fasila Suite is to be made by SOCAR (State Oil Company of Azerbaijan).
If a decision on the development of deep-gas is taken, then conditions on the joint development will be of a different nature from the preceding contracts. It is explained by the fact that the financial, credit, and rating situation with the country where such projects are implemented, have recently changed, therefore the conditions will be more severe than in the other projects.
The parties to the agreement on the ACG Project are: BP (operator вЂ" 34,1%), Chevron (10,2%), SOCAR (10%), INPEX (10%), Statoil (8,6%), ExxonMobil (8%), TPAO (6,8%), Devon (5,6%), ITOCHU (3,9%), and Hess (2,7%).