12/28/2016
SOCAR and BP Extend Agreement for the Development of Azeri-Chirag-Gunashli (ACG) Field Until 2050
Oil production from the field began in November 1997. To date the field has produced more than 3 billion barrels of oil with around $33 billion of investment. From the terminal ACG oil is exported to world markets primarily by the Baku-Tbilisi-Ceyhan oil export pipeline. The agreement will cover the development of the field until 2050
The agreement for the development of Azeri-Chirag-Gunashli (ACG), which is the biggest producing oil field in the Caspian Sea has been extended until 2050. Azerbaijan’s energy major SOCAR and BP-operated Azerbaijan International Operating Company (AIOC) signed an agreement on future development of the Azeri-Chirag-Gunashli (ACG) field until 2050. The existing ACG PSA was signed in September 1994 for 30 years. The agreement will cover the development of the field until 2050. Oil production from the field began in November 1997. To date the field has produced more than 3 billion barrels of oil with around $33 billion of investment. Shareholders of the Azerbaijan International Operating Company (AIOC) are; SOCAR head Abdullayev, "ACG is known as the “Contract of the Century”. It is the symbol of our oil industry": The agreement was undersigned by SOCAR head Rovnag Abdullayev and BP regional president for Azerbaijan, Georgia and Turkey Gordon Birrell. “ACG is known as the “Contract of the Century”. It is very important to Azerbaijan - it is the symbol of our oil industry. It has opened up a whole new era for the country’s development" said Abdullayev. Birrell, in his turn, said that BP is pleased to have the opportunity to continue to lead this world-class field development safely and efficiently. “Today’s signing allows us to look ahead to the next chapter in ACG’s success and indeed in Azerbaijan’s energy story" he said. Birrell, in his turn, said that BP is pleased to have the opportunity to continue to lead this world-class field development safely and efficiently. “Today’s signing allows us to look ahead to the next chapter in ACG’s success and indeed in Azerbaijan’s energy story" he said. ACG is a super-giant field located about 100 km east of Baku. It is the biggest producing oil field in the Caspian Sea and covers an area of more than 432 square kilometers. From the terminal ACG oil is exported to world markets primarily by the Baku-Tbilisi-Ceyhan oil export pipeline. BP is the operator acting on behalf of AIOC and the Contractor Parties to the ACG Production Sharing Agreement. As can be remembered, SOCAR ve BP have signed an agreement for more comprehensive operation of the Azeri, Chirag and Gunashli fields in 2001.TEBA:September 3, 2001
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