The Azerbaijani Parliament has passed a law on amendments to the
contract on exploration, development and shares of the
Azeri-Chirag-Guneshli (ACG) maritime block, signed in 1994, Trend
reports.
The amendments allow the State Oil Company of the Azerbaijani Republic
(SOCAR) to increase its share in the project. All PSA deals are
ratified by the parliament.
SOCAR will be able to purchase a share of BP in the ACG project.
Amendments allow signing of a contract between SOCAR and BP. The
project proved to be profitable.
Devon sold its 5.63% share of the ACG to its partners in 2010: BP
(3.29%), Chevron (0.99%), Inpex (0.96%) and Itocu (0.38%).
The Azeri-Chirag-Guneshli has the following shares: BP (operator) -
37.43%, Chevron - 11.27%, Inpex - 10.96%, AzACG - 10%, Statoil -
8.56%, Exxon - 8%, ТРАО - 6.75%, Itocu - 4.3% and Hess - 2.72%.
40.6 million tons of oil were extracted at the ACG field in 2010,
compared with over 40.3 million in 2009. The daily extraction level in
2010 was 823,100 barrels of oil.
