(MENAFN - Trend News Agency) Baku, Azerbaijan, April 19
By Leman Zeynalova – Trend:
The decision to add one platform to Azeri-Chirag-Gunashli (ACG) block of oil and gas fields in the Azerbaijani sector of the Caspian Sea is contributing to Equinor's international strategy, Trend reports with reference to a message on the Norwegian company's website.
The remarks came on the occasion of the decision to approve $6 billion worth Azeri Central East (ACE) project, the next stage of development of the giant ACG field.
"Equinor has been creating significant value in Azerbaijan over many years, and we are excited to reach this milestone. Together with operator BP we are eager to contribute to safe operations that will provide cash flow to Equinor for many years," says Torgrim Reitan, Executive vice president for Development & Production International (DPI) in Equinor.
In addition to the ACG ACE decision Equinor said it is pursuing other opportunities in Azerbaijan.
'Equinor and partner SOCAR are planning to drill an appraisal well later this year in the Karabagh license, a discovery from 2000,' said the company.
Following the drilling in Karabagh, the plan is to drill the Aypara exploration well in the Ashrafi, Dan Ulduzu, Aypara licence, according to Equinor.
'Azerbaijan is an important country for Equinor and over the last few years we have been able to develop new growth opportunities in the region. The decision to add one platform to the ACG field is contributing to Equinor's international strategy," says Reitan.
Equinor has been in Azerbaijan since 1992.
The Steering Committee for the development of the Azeri and Chirag fields and the Deep Water portion of the Gunashli (ACG) field (including SOCAR, BP, Chevron, INPEX, Equinor, ExxonMobil, TPAO, ITOCHU and ONGC Videsh) has announced the sanctioning of the Azeri Central East (ACE) project, the next stage of development of the giant ACG field in the Azerbaijan sector of the Caspian Sea.
The $6 billion development includes a new offshore platform and facilities designed to process up to 100,000 barrels of oil per day. The project is expected to achieve first production in 2023 and produce up to 300 million barrels over its lifetime.
ACG participating interests are: BP (30.37 per cent), SOCAR (25.0 per cent), Chevron (9.57 per cent), INPEX (9.31 per cent), Equinor (7.27 per cent), ExxonMobil (6.79 per cent), TPAO (5.73 per cent), ITOCHU (3.65 per cent), ONGC Videsh Limited (OVL) (2.31 per cent).
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