SOCAR, AIOC Agree to Develop ACG Field

SOCAR, AIOC Agree to Develop ACG Field
SOCAR and AIOC sign a letter of intent for the future development of the Azeri-Chirag-Gunashli (ACG) field, in the Azerbaijan sector of the Caspian Sea.

SOCAR (the State Oil Company of the Republic of Azerbaijan) and AIOC (the Azerbaijan International Operating Company) have signed a letter of intent for the future development of the Azeri-Chirag-Gunashli (ACG) field, in the Azerbaijan sector of the Caspian Sea, which is expected to bring thousands of jobs in the years ahead.

The agreement will cover the development of the field until 2050 and will add significant resource development potential to the middle of the century, according to a joint statement by SOCAR and AIOC. ACG currently produces around 620,000 barrels of oil equivalent.

“This is an important day for Azerbaijan, SOCAR and the AIOC partnership. It opens up an exciting opportunity to the middle of the century for us to continue this extraordinary partnership. In 1994 we set out to develop ACG in the new phase of the country’s energy journey. BP is very proud to be a part of this long-term partnership and looks forward to continuing it for many decades to come,” Bob Dudley, BP CEO, said.

“This agreement will enable future investments and projects, and will bring many thousands of jobs in the years ahead,” Gordon Birrell, BP’s regional president for Azerbaijan, Georgia and Turkey, said.

The shareholders in AIOC are BP, Chevron, INPEX, Statoil, ExxonMobil, TPAO, ITOCHU and ONGC Videsh.



Have a news tip? Share it with Rigzone!
Email news@rigzone.com

WHAT DO YOU THINK?

Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies
 Company: BP plcmore info


 - BP Says It Is Considering IPO of US Pipeline Assets (Jul 18)
 - Total, BP Unit, YPF Boost Investment in Argentina's Vaca Muerta (Jul 18)
 - Big Oil Sees Salvation in Gas, But What If It's a Wrong Bet? (Jul 18)
 Company: Exxon Mobil Corporationmore info


 - Exxon Fined for Russia Sanctions Violations Under Tillerson (Jul 20)
 - Big Oil Sees Salvation in Gas, But What If It's a Wrong Bet? (Jul 18)
 - ExxonMobil Says Will Drop Discussions Over Indonesia's East Natuna (Jul 18)
 Company: Statoilmore info


 - Greenpeace Activists Protest Near Oil Rig In Norway's Arctic Sea Area (Jul 21)
 - Canada's LNG Failure Is Its Own Fault, Seven Gen Founder Says (Jul 17)
 - Suriname Signs Offshore Oil Deals with Exxon, Hess and Statoil (Jul 14)
 Company: Chevron Corporationmore info
 - Mexico Delays Next Oil Auction to Let Huge New Find Sink In (Jul 17)
 - White House Is Said to Be Unlikely to Restrict Venezuelan Crude (Jul 7)
 - Oil Producers' Cost-Cutting Swept Away by New Price Decline (Jun 30)
 Company: SOCARmore info
 - Azerbaijan's SOCAR Sees H2 2016 Net Profit At $298 MM (Jan 17)
 - SOCAR, AIOC Agree to Develop ACG Field (Dec 23)
 - Total, SOCAR Sign Absheron Development Agreement (Nov 22)
 Company: Inpexmore info


 - Inpex Says Floating Unit For Australia LNG Project To Set Sail Soon (Jul 10)
 - Lukoil Finds Oil at Iraq Well (Feb 22)
 - Japan's Inpex Sticks To Australia Ichthys LNG Output Target (Feb 10)
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE

More from this Author
Rigzone Staff
e-mail us at news@rigzone.com
 -  LyondellBasell Plans Its Largest Inves... (Jul 21)
 -  Preparing a Mechanical Engineering Res... (Jul 19)
 -  Tesoro Signs Deal with Pemex to Enter ... (Jul 19)
 -  Irish Gas Grid Could Receive LNG from ... (Jul 19)
 -  What's It Take to Land a Job as a Petr... (Jul 14)


Most Popular Articles

From the Career Center
Jobs that may interest you
Land GIS Spatial Analyst - Mineral Land
Expertise: Contracts Engineer|Geologist|Lease Analyst
Location: Denver, CO
 
Regional Sales Executive
Expertise: Business Development|Sales
Location: Jacksonville, FL
 
Land Representative - MCBU Midland Surface
Expertise: Landman
Location: Midland, TX
 
search for more jobs

Brent Crude Oil : $48.06/BBL 2.51%
Light Crude Oil : $45.77/BBL 2.17%
Natural Gas : $2.97/MMBtu 2.30%
Updated in last 24 hours