Azernews.Az

Change of operator for the project on the development of the Azeri-Chirag-Guneshli block of oil and gas fields in the Azerbaijani sector of the Caspian Sea is not on the agenda, the head of Azerbaijani state oil company SOCAR Rovnag Abdullayev told journalists on Monday, Trend news agency reported.

Currently, the operator of the ACG development project is the British firm BP.

According to Abdullayev, at present the operator is carrying out its activities, monitored and supported by SOCAR.

Responding to the question about a possible change of the project's operator in case production at ACG is not improved and stabilised, Abdullayev noted that the change of operator in such cases is a normal process if the operator fails to fulfill its obligations and is not managing its job.

"In this case the matter is not considered or discussed. The operator is fulfilling its obligations and we in turn, are assisting and controlling the process," Abdullayev said.

Harsh mistakes of the BP-operated international consortium, the Azerbaijan International Operating Company, have led to a sharp decline in oil production on the Azeri and Chirag fields, Azerbaijani President Ilham Aliyev said earlier at a meeting of the Cabinet of Ministers on the results of the country's economic development in the first nine months of 2012. As a result, he said, the state had missed out on $8 billion of potential revenues from what is one of the company's biggest projects in the world.

The contract on the Azeri-Chirag-Guneshli full field development was signed in 1994.

Participants of the project to develop Azeri-Chirag-Guneshli are: operator BP (35.83 per cent), Chevron (11.27 per cent), Inpex (10.96 per cent), AzACG (11.6 per cent), Statoil (8.56 per cent), Exxon (8 per cent), TPAO (6.75 per cent), Itocu (4.3 per cent) and Hess (2.72 per cent). Hess has sold its share to Indian ONGC and the transaction will be completed in the first quarter of 2013.