Azerbaijan extends pact with ONGC Videsh
oongc Videsh limited has announced that the consortium partners of azeri-chiragdeep water portion of Gunashli (ACG) fields in Azerbaijan have inked an agreement with azerbaijan government and state oil company of the azerbaijan Republic for extending the production sharing agreement for acg oil fields till December 31, 2049.
ongc’s subsidiary ongc Videsh ltd holds a participating interest in ACG oil fields in the Azerbaijan sector of caspian Sea. The other partners in the consortium are BP, chevron, inpex, Statoil, exxonmobil, Tpao and itochu.
The ACG oil fields are located in the caspian Sea, 100 km east of Baku, the capital of azerbaijan. The ACG oil fields currently produce crude oil at a rate of 585,000 barrels per day from three oil fields. crude oil produced at the acg oil fields is transported through the Baku-tbilisi-ceyhan pipeline to ceyhan on the mediterranean coast of Turkey, from where it is shipped to customers.