(MENAFN- Trend News Agency)
BAKU, Azerbaijan, June 5. The first gas from
the Azeri-Chirag-Gunashli (ACG) deepwater reservoirs is expected to
be produced in early 2025, bp Regional President for Azerbaijan,
Georgia, and Türkiye Gary Jones said during the "Executive Talks:
Energy Security 2.0" panel at the 29th Baku energy Forum, Trend
reports.
He noted that bp is also optimistic about the outcomes of the 4D
seismic study at ACG.
The bp official stressed the significance of inexpensive and
readily available conventional energy sources globally, with oil
and gas meeting 55 percent of the world's energy demands.
Furthermore, Jones emphasized Azerbaijan's comprehensive
approach and notable accomplishments in both energy security and
transition.
"At the same time, the development of low-carbon energy is
imperative. In this context, the Shafag solar plant project by bp
and SOCAR (State Oil Company of Azerbaijan Republic) in Jabrayil
district holds significance. This venture marks the first
utilization of a green energy swap mechanism, with bp receiving the
equivalent of the green energy it generates and distributes in the
Jabrayil region at the Sangachal terminal," he elaborated.
To note, bp Exploration (Caspian Sea) Ltd. acts as the operator
on behalf of the contracting parties to the ACG Production Sharing
Agreement.
The stakes in ACG are distributed as follows: bp (30.37
percent), SOCAR (25.0 percent), MOL (9.57 percent), INPEX (9.31
percent), Equinor (7.27 percent), ExxonMobil (6.79 percent), TPAO
(5.73 percent), ITOCHU (3.65 percent), and ONGC Videsh (2.31
percent).
Over 600 delegates are participating in the forum, representing
a diverse range of countries including Australia, Austria, Belarus,
Belgium, Bulgaria, China, the Czech Republic, Finland, France,
Georgia, Hungary, India, Israel, Italy, Japan, Kazakhstan, Latvia,
Monaco, the Netherlands, Norway, UAE, Qatar, Romania, Russia, Saudi
Arabia, Slovenia, Sweden, Switzerland, Ukraine, the UK, the US, and
Uzbekistan. This year's forum boasts a record number of speakers,
totaling 81.
The Forum's agenda will address energy issues of significance
for Azerbaijan and the broader Caspian region, focusing primarily
on considerations and financing related to energy security, energy
transition, and green energy projects.
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