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06.10.2015 17:56

SOCAR intends to conclude new agreement on ACG

SOCAR (State Oil Company of Azerbaijan) has announced its intention to conclude a new agreement with current partners to develop the block of oil and gas fields "Azeri-Chirag-Guneshli" (ACG) in the Azerbaijani sector of the Caspian Sea, SOCAR said Oct. 5.

This statement was made during a meeting of representatives of SOCAR and SOFAZ (State Oil Fund of Azerbaijan) with representatives of the partner-companies developing ACG - BP, Statoil, Exxon Mobil, Shevron, Itochu, INPEX, TPAO and ONGC Videsh.

The sides had an extensive exchange of views on the current and future development of the field.

"The representatives of BP and other partners appreciated the stable investment and business situation in Azerbaijan, the statement said. They said that they take this into account this in the plans for future activity. They emphasized the effectiveness of long-term cooperation with SOCAR. They stressed that SOCAR is a reliable partner."

It was stressed during the meeting that BP and its partners conducted prolonged technical discussions on further development of the ACG project with SOCAR. It was determined during these discussions that Azeri, Chirag fields and a deep-water part of Guneshli field still have great potential reserves. The effectiveness of the joint development of the ACG hydrocarbon resources during the period after the expiry of the current PSA-contract was considered during the discussions.

"The possibility of signing a new PSA contract on ACG further development by SOCAR and current partners was stressed during the meeting, a statement said. It was announced about SOCARs relevant intention, which was welcomed by BP and its partners."

The meeting participants also agreed on the coordination of actions to be taken in the future.

The current contract for ACG development will expire in 2024.

The contract for development of ACG field was signed in 1994.

The proved oil reserves at these fields are estimated at approximately 1 billion metric tons.

The shareholders of the project are: BP (operator in the Azeri-Chirag-Guneshli) - 35.78 percent, Chevron - 11.27 percent, Inpex - 10.96 percent, AzACG - 11.65 percent, Statoil - 8.56 percent, Exxon - 8 percent, TPAO - 6.75 percent, Itocu - 4.3 percent and ONGC - 2.72 percent.

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