Investments in Azeri-Chirag-Gunashli field exceed $36B, more to be invested

To date, investments in energy projects of Azerbaijan operated by BP have amounted to $72 billion, Bakhtiyar Aslanbeyli, Vice President for Communications, External Affairs, Strategy & Region at BP Azerbaijan-Georgia-Turkey, said at the 26th International Caspian Oil & Gas Conference in Baku.

Aslanbeyli noted that $36 billion were invested in the development of Azeri-Chirag-Gunashli fields (ACG). Investments in ACG continue after the extension of the contract in 2017, and are set to exceed $40 billion.

Forty-four billion cubic meters of associated gas produced during the development of the ACG block was given to Azerbaijan.

The contract for developing the ACG field was signed in 1994. A ceremony to sign a new contract on development of the ACG block of oil and gas fields was held in Baku Sept. 14, 2017.

The new ACG participating interests are as follows: BP - 30.37 percent; AzACG (SOCAR) - 25 percent; Chevron - 9.57 percent; INPEX - 9.31 percent; Statoil - 7.27 percent; ExxonMobil - 6.79 percent; TP - 5.73 percent; ITOCHU - 3.65 percent; ONGC Videsh Limited (OVL) - 2.31 percent.

The 26th International Caspian Oil & Gas Conference, held at Bilgah Beach Hotel, started on May 30 and continues today. It involves top-level executives of companies from the energy sector, who discuss key oil and gas projects of the Caspian region and energy security.