New deadline for ACG gas project

摘要

Azeri state-controlled Socar plans to sign a contract to develop the deeper gas layers of Azerbaijan's AzeriChirag-Guneshli (ACG) block by the end of this year, chief executive Rovnag Abdullayev said on 10 April. The BP-led AIOC consortium that is developing ACG's upper layers will work on the deeper layers, he adds. Abdullayev did not say what type of contract will be used at the deeper layers. Socar wants a "risk-service" deal, while the foreign firms would prefer the kind of production-sharing agreement terms that govern development of the upper layers.