On Dec. 23, 2016, the SOCAR and the BP-operated Azerbaijan International Operating Company extended the ‘Contract of the Century’ by 2050.
Birrell didn’t give any further comment on the details of the new agreement, adding that it is premature to disclose the BP’s vision, plans and schemes of the further development of the ACG, because the negotiations are still ongoing.
BP Azerbaijan operates the development of the ACG block. The contract for development of the ACG block was signed in 1994 for a period of 30 years. The proven oil reserve of the block nears one billion tons.
Shareholders of the project are BP (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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