Start date named for project to increase production at ACG

Oil production under the Chirag oil project is scheduled to begin late next year, head of SOCAR Rovnag Abdullayev told journalists during a press tour.

He noted that, the support unit of the platform will be sent to the sea until the end of this year for the installation, and in April 2013 - the top of the structure, which are produced by a consortium of ATA.

Abdullayev said Chirag oil project's cost is estimated at $6 billion.

In total, it is expected to produce 360 million barrels of oil in the frame of the project (until the end of the contract on ACG in 2024).

The Chirag oil project involves the construction of the new West Chirag platform which will be installed at a depth of 170 metres between the Chirag and Gunashli production platforms.

Currently the participation share of the operator BP in Azeri-Chirag-Guneshli is 37.43 percent, Chevron - 11.27 percent, Inpex - 10.96 percent, AzACG - 10 percent, Statoil - 8.56 percent, Exxon - 8 percent, TPAO - 6.75 percent, Itocu - 4.3 percent and Hess - 2.72
percent.


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