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06.10.2015 17:58

SOCAR intends to sign a new contract with contract of century partners for term after 2024

The State Oil Company of Azerbaijan (SOCAR) intends to sign a new contract for oilfield block Azeri - Chirag - deepwater part of Guneshli (ACG).

A SOCAR source says that the new contract will cover works after 2024, when the term of the current 30-year PSA Contract of the Century under the operatorship of BP expires.

"After 2024 well continue long-term cooperation with the ACG partners on the basis of a new contract," the source explained.

The SOCAR press release says that a meeting of the SOCAR leadership with reps of the PSA partner companies has been held at the SOCAR office today.

The debates on the ACG project prospects involved reps of BP, Statoil, Exxon Mobil, Chevron, Itochu, INPEX, TPAO, ONGC and the State Oil Fund of Azerbaijan (SOFAZ).

"The meeting participants discussed the issues of long-term cooperation within the framework of the existing contract for the ACG project and the current condition of the project and exchanged views on possibilities of further development of this project," SOCAR said in a statement.

In particular, during the meeting BP and its partners conducted with SOCAR long technical discussion on further development of the ACG project. In the course of these debates it was established that fields Azeri, Chirag and deep water Gunashli still have high potential on reserves. During discussions the sides also studied the effectiveness of joint development of hydrocarbon resources of the oilfield block in the period after the current PSA expires.

"Within the meeting it was stressed a possibility of signing of a new PSA by SOCAR on the further development of the ACG block with the existing partners and declared about such an intention of SOCAR, which was regarded with satisfaction by BP and its partners in the ACG project," the SOCAR statement says.

The meeting participants also agreed to coordinate the steps to be taken in the future. The ACG contract was signed on 20 September 1994 and entered into force on 12 December of the same year. The term of the agreement is 30 years.

The project participants are: UKs BP (35.78% - operator), US Chevron (11.27%), ExxonMobil (8%), Indias ONGC (2,72%), Azerbaijans SOCAR (11.65%), Japans Inpex Corp. (10.96%) and ITOCHU Oil (4.3%), Norways Statoil (of 8.56%) and Turkeys TPAO (6.75%).

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