BAKU (Reuters) \u2013 Oil major BP and Azerbaijan\u2019s state energy company SOCAR signed an agreement on Friday to build a new exploration platform for the South Caucasus nation\u2019s three major oilfields, BP-Azerbaijan said in a statement.<\/p>\n\n\n\n
The Azeri Central East (ACE) platform, the latest phase of Azerbaijan\u2019s giant Azeri-Chirag-Guneshli (ACG) oilfields, is expected to produce 100,000 barrels of oil a day and cost $6 billion to build, the company said.<\/p>\n\n\n\n
The project is one of the biggest upstream investment decisions in Azerbaijan so far this year.<\/p>\n\n\n\n
The ACG fields, which have so far produced 3.5 billion barrels of oil, have the potential to yield another 3 billion barrels.<\/p>\n\n\n\n
BP\u2019s main aim now would be to maximize the extraction of remaining reserves, Robert Morris, senior analyst at Wood Mackenzie, said in a statement.<\/p>\n\n\n\n
\u201cACE is central to those plans, adding 100,000 barrels per day of production at peak in the mid-2020s,\u201d he said.<\/p>\n\n\n\n
BP and Azerbaijan in 2017 extended their agreement to develop the ACG fields to 2050, a deal dubbed by the Azeri government as \u201cthe contract of the century\u201d when first signed in 1994. The arrangement was initially due to run until 2024.<\/p>\n\n\n\n
Separately, SOCAR and its partners at the BP-led ACG consortium plan to participate in a tender to acquire stakes being sold by two of its members, Exxon Mobil and Chevron.<\/p>\n\n\n\n
SOCAR President Rovnag Abdullayev told reporters that the decision was made on Friday.
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BAKU (Reuters) \u2013 Oil major BP and Azerbaijan\u2019s state energy company SOCAR signed an agreement on Friday to build a new exploration platform for the South Caucasus nation\u2019s three major oilfields, BP-Azerbaijan said in a statement. The Azeri Central East (ACE) platform, the latest phase of Azerbaijan\u2019s giant Azeri-Chirag-Guneshli (ACG) oilfields, is expected to produce …<\/p>\n","protected":false},"author":1,"featured_media":1559,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[20,59],"tags":[166,165],"class_list":["post-1558","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-port-news","tag-oil","tag-socar"],"_links":{"self":[{"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/posts\/1558","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/comments?post=1558"}],"version-history":[{"count":0,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/posts\/1558\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/media\/1559"}],"wp:attachment":[{"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/media?parent=1558"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/categories?post=1558"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/tags?post=1558"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}