Baku / 14.09.17 / Turan: Today in Baku a contract was signed for the development of the Azeri-Chirag-Guneshli (ACG) field block in the Azerbaijani sector of the Caspian Sea until 2050.
This agreement will allow the further development of the ACG block, which currently produces 620,000 barrels of oil equivalent per day.
It is expected that 40 billion dollars will be invested in the project in the next 32 years. SOCAR's share in the project is doubled and brought to 25 percent. In addition, the company will receive about $ 3.6 billion in bonuses.
The share participation of other companies in the new contract will be as follows:
British BP (30.37% -operator), American Chevron (9.56%) and ExxonMobil (6.79%), Indian ONGC (2.31%), Japanese Inpex Corp. (9.31%) and Itochu Oil (3.65%), Norwegian Statoil (7.27%), and Turkish TPAO (5.73%).-06в14--
Energy
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We are already negotiating with a number of other European countries located near those who are already receiving our gas. I think this will be possible in the coming years, the President of Azerbaijan, Ilham Aliyev, stated in an interview with local television channels on January 7.
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The main indicator for us is the development of the non-oil sector, because recently we have faced a decline in oil production, the President of Azerbaijan, Ilham Aliyev, stated in an interview with local television channels on January 7.
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The State Oil Company of Azerbaijan (SOCAR), which had been operating at a loss for a long time and was constantly reliant on the state budget, is now operating profitably, the President of Azerbaijan, Ilham Aliyev, said in an interview with local television channels on January 7.
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The President of Azerbaijan, Ilham Aliyev, announced that in 2025, the country hopes to receive the first gas under the "deep" gas project (gas extraction from deeper layers) from the Azeri-Chirag-Gunashli (ACG) field. This year, we hope to receive the first gas as part of the "deep" gas project at the Azeri-Chirag-Gunashli field. This will be a significant contribution to overall gas production, said Aliyev in an interview with local television channels.
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