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Azeri Central East project activities reached 90% progress milestone

27 July 2023 12:26 (UTC +04:00)

Within the framework of the construction project of the "Azeri Central East" (ACE) platform, which is being built in the "Azeri-Chirag-Gunashli" (ACG) oil and gas field block located in the Caspian Sea's Azerbaijan sector, the works have been 90% completed, BP Azerbaijan wrote on Twitter, APA reports.

"The Azeri Central East (ACE) project activities are progressing as per plan reaching around 90 per cent progress milestone," reads the post.

Note that a natural decrease in oil production in the ACG has been observed in recent years. The construction of the new platform also aims to stabilize production in the block.

The first oil extraction from the new platform is expected early next year. The $6 billion worth ACE project is the next stage in the development of the huge ACG field in the Caspian Sea. The project includes a new offshore platform and other facilities with a production capacity of up to 100,000 barrels per day. It is forecasted that up to 300 million barrels of oil will be produced during the operation period of the project.

Notably, the share distribution in ACG is as follows: BP – 30.37% (operator), AzACG (SOCAR) – 25.00%, MOL – 9.57%, "Inpex" – 9.31%, "Equinor" (formerly Statoil) – 7.27%, ExxonMobil – 6.79%, TPAO – 5.73%, Itochu – 3.65% and ONGC Videsh Ltd. (OVL) – 2.31%.