Construction of another production platform will most likely be needed to extract the remaining oil resources on the Azeri-Chirag-Guneshli (ACG) bloc of offshore fields, BP-Azerbaijan President Gordon Birrell said at a press conference in Baku.
He said the platform could be built from 2019 to 2021. He added that from the technical viewpoint the platform may not be needed to extract the remaining resources on ACG (for instance underwater manifolds)
BP believes that resources on ACG total about 6 billion barrels of oil. At present over 2.5 billion barrels of oil has been extracted.
Production on ACG is carried out using six production platforms Chirag-1, Central Azeri, Western Azeri, Eastern Azeri and deep-water Azeri. Yesterday production was started on the Western Chirag platform.
The ACG contract expires on December 2024.—0—
Economics
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The State Oil Fund of the Republic of Azerbaijan (SOFAZ) has reported a 3.3% increase in its gold investments compared to last year, according to the fund's investment activity results for the second quarter of 2024. Gold investments now account for $8.57 billion, or 14.8% of SOFAZ's US Dollar Portfolio.
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Azerbaijan's Minister of Digital Development and Transport, Rashad Nabiyev, announced on the social network "X" that during the visit of Israel's Minister of Regional Cooperation, David Amsalem, to Azerbaijan, discussions were held on cooperation in innovation, space, and aviation.
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Azerbaijan is bracing for heightened expectations of currency devaluation as declining oil revenues and mounting inflationary pressures fuel concerns over economic stability, experts warn.
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A delegation led by Azerbaijan's Minister of Economy, Mikayil Jabbarov, met with key Italian officials during an official visit to Italy, highlighting the strong and multifaceted partnership between the two countries.
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