Azeri-Chirag-Gunashli (ACG) was a landmark contract for Azerbaijan and for the whole Caspian region, Elena Anankina, credit analyst focusing on energy and the primary analyst on SOCAR at S&P Global Platts told Trend.
She made the remarks on the occasion of the 25th anniversary of signing of the Contract of the Century.
“Now 25 years later it remains the key pillar of the country’s oil industry and a great example of international cooperation and world-class technology,” Anankina said.
Its continuing solid exports underpin SOFAZ revenues, while local gas supplies are beneficial for the country, she added.
Azerti-Chirag-Gunashli (ACG) is celebrating its 25th anniversary in 2019.
25 years ago, on September 20, 1994, the Government of Azerbaijan and a group of international oil companies representing eight countries signed the Azeri-Chirag-Gunashli Production Sharing Agreement, which later became known as the “Contract of the Century”. The Contract was extended in September 2017 until mid-century.
From the start of production in November 1997 till the end of 2Q 2019, ACG produced about 488 million tonnes (more than 3.6 billion barrels) of oil.
ACG participating interests are: BP (30.37 percent), SOCAR (25 percent), Chevron (9.57 percent), INPEX (9.31 percent), Equinor (7.27 percent), ExxonMobil (6.79 percent), TPAO (5.73 percent), ITOCHU (3.65 percent), ONGC Videsh Limited (OVL) (2.31 percent).
Follow us on Twitter @AzerNewsAz