home . news & publications . Investment News . SOCAR Acquires Stake in Azeri-Chirag-Guneshli from BP for $585 Million

SOCAR Acquires Stake in Azeri-Chirag-Guneshli from BP for $585 Million

The Azerbaijan state oil and gas company (SOCAR) has purchased a stake in the Azeri-Chirag-Guneshli field in the Azeri section of the Caspian Sea from BP for $585 million dollars, according to a BP financial report for Q2 2011.

This increased the stake controlled by SOCAR affiliate AzACG Limited Company in the Azeri-Chirag-Guneshli project by 1.6461 percent to 11.6461 percent. BP had earlier bought the stake from Devon.

The contract to develop the large off-shore field was signed in 1994.

Daily flow from the site in 2010 was 823,100 barrels a day. In 2010, ACG produced 40.6 million tons of oil.

Source: Oil and Gas Eurasia

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