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Foreign oil firms involved in the Azeri-Chirag-Gunashli (ACG) Project in the Azerbaijan sector of the Caspian Sea in accordance with the so-called Contract of the Century offer to prolong the 30-year agreement signed in 1994, said Shahmar Movsumov, Executive Director of the State Oil Fund of Azerbaijan (SOFAZ).
“This issue is under discussion at present. The contract expires in 2024. We are not hasty to prolong. We have given neither affirmative nor negative answer,” he added.
The ACG Production Sharing Agreement (PSA), signed in September 1994, covers the 30 year development of the Azeri-Chirag-Gunashli contract area. The field has been developed in several phases: Chirag has been producing since 1997 as part of the Early Oil Project (EOP). This was followed by Azeri Project Phase 1 - Central Azeri production in early 2005. Successive Phase 2 included West Azeri, which started production in January 2006, and East Azeri, which started production in October 2006. The ACG Phase 3 - Deepwater Gunashli started up in 2008.
ACG participating interests are: BP (operator – 34.1%), Chevron (10.2%), SOCAR (10%), INPEX (10%), StatoilHydro (8.6%), ExxonMobil (8%), TPAO (6.8%), Devon (5.6%), ITOCHU (3.9%), Hess (2.7%).
/APA/
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