SOCAR Broadens Impact in Caspian Basin with Equinor Offer

Equinor is leaving Azerbaijan by offering all its oil and gas possessions there to Azeri state energy company SOCAR, the Norwegian significant stated on Friday.

For a concealed amount, Equinor will divest all its possessions in Azerbaijan, that include a 7.27% non-operated interest in the big Azeri Chirag Gunashli (ACG) oil fields in the Caspian Sea, an 8.71% interest in the Baku-Tbilisi-Ceyhan (BTC) pipeline, and 50% in the Karabagh field.

SOCAR currently holds a 25.0% stake in ACG, a 25.0% interest in BTC by means of Azerbaijan BTC Limited, and 50% in Karabagh.

The closing of the deal goes through the complete satisfaction of particular conditions consisting of all regulative and legal approvals, the Norwegian business stated.

” Equinor remains in the procedure of re-shaping its global oil and gas company, and the divestments in Azerbaijan remain in line with our technique to focus our global portfolio,” stated Philippe Mathieu, Equinor’s executive vice president for global expedition and production.

Azeri Chirag Gunashli (ACG) is the biggest oilfield in the Azeri sector of the Caspian basin and is run by UK oil and gas supermajor BP.

Previously this month, BP stated it had actually begun drilling the very first production well from a brand-new platform establishing the next $6-billion phase of the huge field in the Caspian Sea in Azerbaijan.

The $6 billion ACE task is the next phase of advancement of the huge ACG field in the Caspian Sea. The Azeri-Chirag-Deepwater Gunashli (ACG) field lies about 100 kilometers (62 miles) east of Baku and is the biggest oilfield in the Azerbaijan sector of the Caspian basin.

The brand-new platform and centers are developed to process as much as 100,000 barrels of oil daily (bpd) and the task is anticipated to produce as much as 300 million barrels over its life time, BP states

The brand-new task was approved in April 2019 and was the very first significant financial investment choice by the ACG collaboration following the extension of the ACG Production Sharing Arrangement (PSA) to 2049, concurred in 2017.

By Tsvetana Paraskova for

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