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SOCAR hopes major oil contract to be prolonged soon

SOCAR hopes major oil contract to be prolonged soon Energy

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Azerbaijan’s state oil company SOCAR continues talks with its partners on signing a contract to continue the development of Azeri-Chirag-Guneshli (ACG) block of oil and gas fields and hopes for speedy solution of this issue, says SOCAR President Rovnag Abdullayev.

An agreement on this issue can be achieved soon, he told reporters April 2.

Abdullayev added that it has already been agreed to sign a new contract without waiting for 2024 and to present new conditions and a long-term program for the block’s further development.

The contract for development of ACG large offshore field was signed in 1994.

Shares in the contract are distributed as follows: BP (operator) - 35.78 percent, Chevron - 11.27 percent, Inpex - 10.96 percent, AzACG - 11.65 percent, Statoil - 8.55 percent, Exxon – 8 percent, TPAO - 6.75 percent, Itochu - 4.3 percent and ONGC - 2.72 percent.

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