First oil production from ACG’s new platform may start in 2023

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    The first oil production in the new platform will be launched within the new agreement on Azeri-Chirag-Gunashli (ACG) fields block in the Azerbaijani sector of the Caspian Sea, will begin nearly in 2023.

    Report was told in the SOCAR.

    He noted that the final investment decision will be made in 2019.

    According to him, the new base will be called the “Central-East Azeri” plaform.

    Notably, agreement on joint development and production sharing (PSA) of the ACG fields block was signed on September 20, 1994. BP (35,8% as operator), SOCAR (11,6%), Chevron (11,3%), Inpex (11%), Statoil (8,6%), ExxonMobil (8%), TPAO (6,8%), Itochu (4,3%), ONGC Videsh Ltd. (OVL, 2.7%) participate in the ACG project.

    Amended and restated agreement on the joint development and production sharing (PSA) for the Azeri, Chirag fields and the Deep Water Portion of the Gunashli Field (ACG) was signed on September 14, 2017.

    The contract is subject to ratification by the Parliament (Milli Majlis) of the Republic of Azerbaijan. Following ratification of the contract, the new ACG participating interests will be as follows: BP 30.37 per cent; AzACG (SOCAR), 25.00 per cent; Chevron 9.57 per cent; INPEX 9.31 per cent; Statoil 7.27 per cent; ExxonMobil 6.79 per cent; TP 5.73 per cent; ITOCHU 3.65 per cent; and ONGC Videsh Limited (OVL) 2.31 per cent.

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