Chevron increases equity stake in Azerbaijan's ACG field

The American Chevron today announced that its wholly owned subsidiary, Chevron Khazar Ltd, has exercised its pre-emptive rights to acquire a portion of Devon's interest in the  Azeri-Chirag-Guneshli project (ACG), the company reported. Chevron acquired an additional 0.99% in ACG Production Sharing Agreement (PSA), raising its share from 10.28% to 11.27%.

"We're delighted to achieve this acquisition and increase our commitment to Azerbaijan," Chevron's country manager in Azerbaijan Bob Dastmalchi said. "This acquisition gives us an opportunity to further strengthen Chevron's presence in the country".

AIOC plans to produce an average of 854,000 b/d from the five ACG platforms in 2010. ACG participating interests are: BP (operator - 37.43%), Chevron (11.27%), SOCAR (10%), INPEX (10.96%), Statoil (8.56%), ExxonMobil (8%), TPAO (6.75%), ITOCHU (4.30%), Hess (2.72%).


/Trend/