Project to increase production at Azeri-Chirag-Guneshli to begin in late 2013

Oil production under the Chirag oil project is scheduled to begin late next year, head of SOCAR Rovnag Abdullayev told journalists during a press tour, Trend reports.

He noted that the support unit of the platform will be put to sea by the end of this year for installation, followed in April 2013 by the top of the structure, both of which are produced by the ATA consortium.

Abdullayev said the Chirag oil project's cost is estimated at $6 billion.

In total, 360 million barrels of oil are expected to be produced in the framework of the project (until the end of the contract on ACG in 2024).

The Chirag oil project involves the construction of the new West Chirag platform, which will be installed at a depth of 170 metres between the Chirag and Gunashli production platforms.

Currently the participation share of the operator BP in Azeri-Chirag-Guneshli is 37.43 percent, Chevron - 11.27 percent, Inpex - 10.96 percent, AzACG - 10 percent, Statoil - 8.56 percent, Exxon - 8 percent, TPAO - 6.75 percent, Itocu - 4.3 percent and Hess - 2.72 percent.