Azeri Light oil trading for $105.73
Oil prices have again changed in the world markets, with a barrel of Azeri Light crude trading for $105.73.
On the New York Stock Exchange NYMEX (New York Mercantile Exchange) cost of the US Light crude oil raised 18 cents to stand at $95.50.
Price of British Brent crude oil at the London ICE (InterContinental Exchange Futures) increased 40 cents to trade at $101.66.
Main volume of oil production in Azerbaijan came to the Azeri-Chirag-Guneshli oil and gas field which is developed jointly with foreign partners.
The giant ACG block of fields has been producing since 1997. The production started from the Chirag part of the field and continues successfully. This was followed by the Azeri Project: Central Azeri production started in February 2005, West Azeri began producing in December 2005, and East Azeri came on stream in October 2006. The Deepwater Gunashli section launched production in April 2008.
Equity participation in the ACG contract is as follows: BP (operator) has 35.78 percent, Chevron holds 11.27 percent, Inpex with 10.96 percent, AzACG with 11.65 percent, Statoil with 8.56 percent, Exxon with 8 percent, TPAO with 6.75 percent, Itochu with 4.3 percent; Hess has sold its 2.72 percent share to India's ONGC.