JV invests further in prosperous development

摘要

A major oil project with tens of billions of dollars invested over multiple decades, the ACG oilfield complex in the Caspian Sea is ready for another stage of development. Located offshore Azerbaijan waters, the Azcri-Chirag-Deepwater Gunashli (ACG) field was first put into production in 1997. In 2018, the development averaged an output of 584,000 bbl of oil per day. Despite the construction of eight offshore platforms and more than 3.5 billion bbl produced thus far, the project has shown no signs that it is slowing down. Instead, operator BP and the company's joint venture partners - Chevron, the State Oil Company of Azerbaijan Republic (SOCAR), INPEX, Equinor, ExxonMobil, TPAO, Itochu and ONGC Videsh - have signed off on the next phase of development, known as the Azeri Central East (ACE) project.