President Ilham Aliyev approves new ACG deal

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    President of Azerbaijan Ilham Aliyev has approved the Law on Adoption, Approval and Authorization of Implementing the Agreement on Joint Development and Production Sharing for the Azeri and Chirag Fields and the Deep Water Section of the Gunashli Field in the Azerbaijani Sector of the Caspian Sea, signed by SOCAR’s AzACG, BP Exploration (Caspian Sea) Limited, Chevron Khazar Ltd., Exxon Azerbaijan Limited, INPEX Southwest Caspian Sea Ltd., ITOCHU Oil Exploration (Azerbaijan) Inc., ONGC Videsh Limited, Statoil Absheron, and TPAO.

    A ceremony of signing a new contract for extension of Production Sharing Agreement (PSA) on development of Azeri-Chirag-Guneshli block of oil and gas fields, was held in Baku September 14.

    On October 31, the new agreement was ratified by Azerbaijani Parliament. The agreement will be valid until Dec. 31, 2049.

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