Azerbaijan, Baku, April 6 / Trend E.Ismayilov /
The State Oil Company of the Azerbaijan Republic (SOCAR) is in deep gas development talks with the consortium developing the Azeri-Chirag-Guneshli (ACG) fields, SOCAR President Rovnag Abdullayev said on Wednesday.
"The negotiations are underway with the consortium developing the ACG fields," Abdullayev said.
He said the gas reserves in the ACG fields are estimated at 300-400 billion cubic meters.
Under the contract signed by Azerbaijan in 1994, BP and its partners in the ACG project have the right to develop oil horizons. At the same time, as stated in the contract, the development of the lower levels is subject to another agreement.
Under the agreement, which was signed with Azerbaijan in 1994, BP and its partners will develop oil horizons in the Pereriv series. The lower horizons will be developed in accordance with a new agreement. Hydrocarbon resources are found in Nadkirmakin, Podkirmakin and Gala.
An oil ring may be discovered, which will be an additional liquid hydrocarbon resource.
ACG participating interests are: BP (operator - 37. 4%), Chevron (11.3%), SOCAR (10%), INPEX (11%), Statoil (8.6%), ExxonMobil (8%), TPAO (6.7%), ITOCHU (4.3%), Hess (2.7%).
The required investments total $20 billion.