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ACG 2018 work plan to be set in mid-December

ACG 2018 work plan to be set in mid-December
BP Vice President Bakhtiyar Aslanbayli said

Baku. 24 November. REPORT.AZ/ The work plan and budget of "Azeri-Chirag-Gunashli" (ACG) fields block in the Azerbaijani sector of the Caspian Sea for the next year is planned to be discussed and approved at the meeting of the leading staff on the Production Sharing Agreement (Azerbaijan International Operating Company - AIOC) in mid-December.

Report informs, Bakhtiyar Aslanbayli, BP Vice President for Azerbaijan, Georgia and Turkey on relations, foreign affairs and strategy told reporters.

Aslanbeyli also noted that oil production from ACG is expected to be stable by this year end: "According to results of January-September, volume of production from the ACG block was an average of 585,000 barrels per day. If no force-majeure occurs, our expectation is stable production".

Notably, in January-September, the volume of production from the ACG block was an average of 585,000 barrels per day or about 160 mln barrels, namely 22 mln tons in total.

Notably, agreement on joint development of ACG fields block and production sharing (PSA) was signed on September 20, 1994. AIOC was established in February 1995.

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. The agreement was ratified by the Azerbaijani Parliament on October 31.

Participating interests of partners in the new agreement are: BP - 30,37%, AzACG (SOCAR) - 25,00%, Chevron - 9,57%, Inpex - 9,31%, Statoil - 7,27%, ExxonMobil - 6,79%, TP - 5,73%, Itochu - 3,65%, ONGC Videsh Ltd. (OVL) - 2.31%. 

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