BP sanctions next stage of $6bn Caspian Sea oil field development
A joint venture involving BP has sanctioned the next stage of a $6bn oil field development in the Caspian Sea.
The development includes a new offshore platform and facilitates designed to process up to 100,000 barrels of oil a day and is expected to achieve first production in 2023, producing up to 300m barrels over its lifetime.
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The sanction marks the first major investment decision by the ACG partnership since the extension of the production sharing agreement to 2049 was agreed in 2017.
Partners in the project include Socar, Chevron, Inpex, Equinor, Exxonmobil, TPAO, ITOCHU and ONGC Videsh.
BP chief executive Bob Dudley said: “Working together over the past 25 years, this remarkable partnership has turned these world-class assets into tremendous benefits for the people of Azerbaijan.
“The Azeri Central East (ACE) extension builds on that legacy and helps ensure that the next quarter century will be just as bright.”
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The project is centred on a new 48-slot production, drilling and quarters platform located mid-way between the existing Central Azeri and East Azeri platforms.
Construction will begin this year and run until mid 2022, and is expected to create up to 8,000 local jobs.