Pay­ments of ACG share­hold­ers to state dis­closed

Azer News - - Front Page - By Le­man Mam­madova

Share­hold­ers of the Az­er­iChi­rag-Guneshli (ACG) field de­vel­op­ment project lo­cated in the Azer­bai­jani sec­tor of the Caspian Sea, paid a to­tal of 370.775 mil­lion manat ($ 218.17 mil­lion) to the state in 2017, the Ex­trac­tive In­dus­tries Trans­parency Re­port for 2017 said.

Dur­ing the re­port­ing pe­riod, pay­ments of BP Ex­plo­ration (Caspian sea) to the state amounted to 120.307 mil­lion man­ats ($ 70.79 mil­lion), AzACG 73.513 mil­lion man­ats ($ 43.26 mil­lion), Equinor (Sta­toil Ap­sheron AS) - 39.758 mil­lion man­ats ($ 23.39 mil­lion), Chevron - 37.358 mil­lion man­ats ($ 21.98 mil­lion), In­pex –25.238 mil­lion man­ats ($ 14.85 mil­lion),TPAO - 24.839 mil­lion man­ats ($ 14.62 mil­lion), ExxonMo­bil - 20.646 mil­lion man­ats ($ 12.15 mil­lion), Itochu - 18.278 mil­lion man­ats ($ 10.76 mil­lion), ONGC Videsh Ltd. 10.838 mil­lion man­ats ($ 6.38 mil­lion).

The agree­ment on joint de­vel­op­ment and shared dis­tri­bu­tion of pro­duc­tion from the block of ACG fields was signed on Septem­ber 20, 1994, in Baku. Thir­teen com­pa­nies from eight coun­tries have par­tic­i­pated in sign­ing of the "Con­tract of the Cen­tury". In Fe­bru­ary 1995, the Azer­bai­jan In­ter­na­tional Op­er­at­ing Com­pany (AIOC) was es­tab­lished to carry out the con­di­tions of the con­tract.

Proven oil re­serves of ACG block of oil and gas fields are es­ti­mated at 1.2 bil­lion tons, while gas re­serves make 350 bil­lion cu­bic me­ters.

On Septem­ber 14, 2017, a mod­i­fied and re-de­vel­oped agree­ment was signed on joint de­vel­op­ment and shared dis­tri­bu­tion of pro­duc­tion from the Az­eri, Chi­rag fields and the deep­wa­ter part of the Gu­nashli field (ACG). The new agree­ment pro­vides for the de­vel­op­ment of the field un­til 2050.

The new ACG par­tic­i­pat­ing in­ter­ests come 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.

So far, more than 3 bil­lion bar­rels of oil has been ex­tracted from the field and about $ 33 bil­lion has been in­vested in the field.

Mewn­while, the Shah Deniz Con­sor­tium has spent $ 1.558 bil­lion on the de­vel­op­ment project of the Shah Deniz gas con­den­sate field lo­cated in the Azer­bai­jani sec­tor of the Caspian Sea.

Of this amount, op­er­at­ing ex­penses to­taled more than $ 418 mil­lion, cap­i­tal ex­pen­di­tures - about $ 1.14 bil­lion. It is noted that the ma­jor­ity of cap­i­tal ex­pen­di­tures are re­lated to the Shah Deniz-2 project.

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