SOCAR (State Oil Company of the Republic of Azerbaijan) together with BP, MOL, Inpex, Equinor, ExxonMobil, TPAO, ITOCHU and Ongc Videsh, on September 20, announced the signing of a new addition to the existing prey division (CD) on the deposits block ” Azeri-ChiRAG-deep-breeding Guneshi “(ACHG) in the Azerbaijani sector of the Caspian Sea.
According to this information, the addition makes amendments to the current ACH contract, allowing the parties to carry out reconnaissance, evaluation, development and extraction of free natural gas (NAG) with ACH. It is assumed that the free resources of natural gas on ACH are significant and are up to 4 trillions of cubic feet.
This new gas agreement was concluded in Baku during an event dedicated to the Day of the oil workers of Azerbaijan and the 30th anniversary of the signing of the oil and the division of the production of ACHG.
The event was attended by SOCAR President Rovshan Najaf, BP BP Executive Vice President Gordon Birrell, AIOC President Gary Jones and heads of ACH partner companies.
The document will be valid until the end of the current SR on ACH in 2049. Over the next 25 years, there has been a potential for investing billions of dollars in the development of free natural gas reserves at the ACH field, depending on the intelligence and evaluate its stocks.
The share of the participation of ACH partners in the LNG project also, as in the SRD by ACH: BP (30.37 percent), SOCAR (25.0 percent), MOL (9.57 percent), Inpex (9.31 per.), Equinor (7.27 per.), Exxonmobil (6.79 percent), TPAO (5.73 per.), ITOCHU (3.65 percent), ONGC Videsh (2.31 per.).