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Contract of the Century partners offer to prolong agreement with Azerbaijan

02 June 2009 15:44 (UTC +04:00)

â€œThis issue is in discussion at present. The contract expires in 2024. We are not hasty to prolong. We have given neither affirmative nor negative answer,â€ he added.

The ACG Production Sharing Agreement (PSA), signed in September 1994, covers the 30 year development of the Azeri-Chirag-Gunashli contract area. The field has been developed in several phases: Chirag has been producing since 1997 as part of the Early Oil Project (EOP). This was followed by Azeri Project Phase 1 - Central Azeri production in early 2005. Successive Phase 2 included West Azeri, which started production in January 2006, and East Azeri, which started production in October 2006. The ACG Phase 3 - Deepwater Gunashli started up in 2008.

ACG participating interests are: BP (operator â€“ 34.1%), Chevron (10.2%), SOCAR (10%), INPEX (10%), StatoilHydro (8.6%), ExxonMobil (8%), TPAO (6.8%), Devon (5.6%), ITOCHU (3.9%), Hess (2.7%).