Japan’s INPEX reveals production commencement period of new ACG platform

The new platform at the Azeri-Chirag-Gunashli (ACG) oil field in the Azerbaijani sector of the Caspian Sea will commence production activities in 2023, Report informs referring to Japan’s INPEX Corporation website.

The corporation is engaged in the research, exploration, development, production, and sales of oil, natural gas, mineral resources, other related businesses, and investment.

The project will continue to enhance its value, including maintaining production and increasing proven reserves from the ACG oil fields.

INPEX acquired an interest in the Azeri-Chirag-Deepwater Gunashli (ACG) oil fields in a region of the south Caspian Sea in Azerbaijan in April 2003.

At the ACG oil fields, oil is being produced at the Chirag, the Central Azeri, the West Azeri, the East Azeri, the Deepwater Gunashli, and the West Chirag locations.

In September 2017, INPEX and its partners agreed with the State Oil Company of the Azerbaijan Republic (SOCAR), to extend the duration of the Production Sharing Agreement (PSA) for the ACG Oil Fields by 25 years until December 31, 2049, and the revised PSA came into force in January 2018.

INPEX and partners made the final investment decision on the further development of the Azeri-Chirag-Deepwater Gunashli (ACG) oil fields through the commissioning and deployment of a new production platform in April 2019.