'ACG' and 'Shah Deniz' participants invested 62 bln USD in Azerbaijan's oil and gas sector

Baku. 21 September. REPORT.AZ/ The project participants on the development of 'Azeri-Chirag-Guneshli' (ACG) fields block and 'Shah Deniz' gas-condensate field in the Azerbaijani sector of the Caspian Sea have invested 61.6 bln USD in Azerbaijan's oil and gas sector.

Report informs, Vagif Aliyev, Chief of Investments Department of the State Oil Company of Azerbaijan Republic (SOCAR) told to 'Xalq' (People) newspaper in his interview.

He noted that total investment of ACG project participants in Azerbaijan's oil and gas sector by the end of the first quarter of 2016 makes about 40.6 bln USD. Also, total amount of the investments made by 'Shah Deniz' project participants made about 21 bln USD to the end of the first quarter of 2016.

He said that SOCAR and its subsidiaries are participants of 17 Production Sharing Agreements (PSA), signed with 23 companies representing 15 countries: 'Contractors of these agreements have invested nearly total of 68.2 bln USD in Azerbaijan's oil and gas sector in 1995-2016 years (to the end of the first quarter of this year).

Notably, PSA agreement on ACG fields block joint development and production sharing was signed in September 20, 1994. BP (operator - 35,8%), SOCAR (11.6%); Chevron (11.3%); Inpex (11%); Statoil (8.6%); ExxonMobil (8%); TPAO (6.8%); Itochu (4.3%); and ONGC Videsh Ltd (OVL, 2.7%) are participants of the project.

The agreement on 'Shah Deniz' perspective area exploration, development and production sharing was signed June 4, 1996. 'Shah Deniz' production sharing agreement was ratified on October 17, 1996. Participants to the agreement are: BP (operator - 28.8%), AzSD (10%), SGC Upstream (6.7%), Petronas (15,5%), LUKoil (10%), NICO (10%) and TPAO (19%).