The State Oil Company of the Azerbaijani Republic (SOCAR) will sign contracts with BP (UK) and a set of other foreign companies on development of the Azeri-Chirag-Guneshli Field in the Caspian Sea by the end of 2012, EnergoNews reports
The field has been developed since 1994 and the process will continue until 2024. The shareholders of the project are BP (operator – 37.43%), Chevron (11.27%), ГНКАР (10%), INPEX (10.96%), Statoil (8.56%), Exxon (8.56%), TPAO (6.75%), Itochu (4.3%) and Hess (2.72%). Azeri-Chirag-Gunsehli holds 925 million tons of oil and 280 billion cubic meters of associated gas, Reuters reports.
