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SOCAR to Sign Gas Agreement with BP in 2012

Azeri state energy company SOCAR will sign a production-sharing agreement with British oil major BP and other companies on the Azeri-Chirag-Guneshli (ACG) fields before the end of this year.

"It will be our second contract on ACG and it will touch on deep gas reservoirs," Rovnag Abdullayev, SOCAR President told journalists on April 10.

"Members of the agreement will be the same companies as in the first one," he said.

Azerbaijan's giant ACG Caspian oil field combines three fields with estimated reserves of 925 million tonnes of oil and 280 billion cubic metres of gas.

The ACG project is the main source of crude for the pipeline to the Turkish Mediterranean port of Ceyhan via Georgia.

Abdullayev did not rule out that BP would act as a project operator as in the first contract on ACG, which was signed in 1994.

Other members of the ACG project are Chevron, INPEX , Statoil, Exxon, TPAO, Itochu and Hess.

Source: Reuters
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