TODAY.AZ / Business

Extraction of oil at new ACG platform starts

29 January 2014 [17:00] - TODAY.AZ
BP, project operator for the development of the Azeri-Chirag-Guneshli offshore fields block, has commissioned the new West Chirag platform, a source in the Azerbaijani oil and gas market told Trend today.

"The platform has already been commissioned, and oil production started there," the source stressed.

The new platform was constructed in the framework of the Chirag oil project, which envisages an increase in oil production at ACG block.

The platform was installed at a depth of 170 meters between the already-running production platforms Chirag and Guneshli.

The Chirag Oil Project (COP) envisages an investment of $6 billion.

In total it is planned to produce over 300 million barrels of oil within the implementation of the project (by the end of the contract on Azeri-Chirag-Guneshli in 2024).
The contract for development of Azeri-Chirag-Guneshli large offshore field was signed in 1994. Shares are distributed as follows: BP (operator in Azeri-Chirag-Guneshli) - 35.78 per cent, Chevron - 11.27 per cent, Inpex - 10.96 per cent, AzACG - 11.65 per cent, Statoil - 8.56 per cent, Exxon - 8 per cent, TPAO - 6.75 per cent, Itochu - 4.3 per cent and ONGC - 2.72 per cent.
Translated by M.L.
URL: http://www.today.az/news/business/130432.html

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