(MENAFN- Trend News Agency) Baku, Azerbaijan, April 19
By Sara Israfilbayova - Trend:
Over 25 years, $36 billion have been invested in the development of the Azeri-Chirag-Guneshli (ACG) field, said President of Azerbaijan's state oil company SOCAR Rovnag Abdullayev, Trend reports.
He was speaking April 19 at the ceremony of signing the contract on the approval of the Azeri Central East (ACE) project.
Abdullayev noted that the ACE project is the first major project after the extension of the 'Contract of the Century.'
This is a project worth $6 billion, and its implementation will create 8,000 jobs, he said.
The ACE project is centered on a new 48-slot production, drilling and quarters platform located mid-way between the existing Central Azeri and East Azeri platforms in a water depth of approximately 140 meters. The project will also include new infield pipelines to transfer oil and gas from the ACE platform to the existing ACG Phase 2 oil and gas export pipelines for transportation to the onshore Sangachal Terminal.
In addition, there will be a water injection pipeline installed between the East Azeri and ACE platforms to supply injection water from the Central Azeri compression and water injection platform to the ACE facilities.
The contract for developing the ACG field was signed in 1994. A ceremony to sign a new contract on development of the ACG block of oil and gas fields was held in Baku Sept. 14, 2017.
The new ACG participating interests are as follows: BP - 30.37 percent; AzACG (SOCAR) - 25 percent; Chevron - 9.57 percent; INPEX - 9.31 percent; Statoil - 7.27 percent; ExxonMobil - 6.79 percent; TP - 5.73 percent; ITOCHU - 3.65 percent; ONGC Videsh Limited (OVL) - 2.31 percent.
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