LONDON (Alliance News) - The State Oil Company of the Republic of Azerbaijan and the Azerbaijan International Operating Co, in which BP PLC is a shareholder, on Friday signed a letter of intent for the future development of the Azeri-Chirag-Gunashli field in the Azerbaijan sector of the Caspian Sea.
The agreement will cover the development of the field until 2050 and will add significant resource development potential to the middle of the century. Today ACG produces circa 620,000 barrels of oil equivalent.
The shareholders in AIOC are BP, Chevron, INPEX, Statoil, ExxonMobil, TPAO, ITOCHU and ONGC Videsh.
The LoI agrees the key commercial terms for the future development of the ACG field and enables the parties to conclude negotiations and finalise fully-termed agreements in the next few months.
Copyright RTT News/dpa-AFX
BP (BP.)