Oil production at Azeri-Chirag-Guneshli stabilized - SOCAR

The partners developing the oil and gas deposits of the Azeri-Chirag-Guneshli fields (ACG) in the Azerbaijani sector of the Caspian Sea are now working on a draft contract for deep-lying gas extraction, SOCAR's head Rovnag Abdullayev told media today.

He said that this will be a new form of the Risk Service Agreement.

"Operations are now being conducted to develop the framework of the draft contract," Abdullayev said. "This contract will differ from the previous forms of contract."

Regarding the issue of stabilizing production volumes at the  CG fields, Abdullayev said that as of January 2013 there are good results and January's figures correspond to that of the same month of 2012.

"A decline in oil production volumes is not observed," the SOCAR's head said.