British Minister for Europe and Americas to visit Azerbaijan

Baku. 13 September. REPORT.AZ/ British Minister for Europe and the Americas Alan Duncan will pay a visit to Azerbaijan.

Report informs citing the UK Embassy in Baku, the minister will attend tomorrow's signing ceremony of the agreement on extension of "Contract of Century" until 2050.

Notably, SOCAR and AIOC (Azerbaijan International Operating Company) have signed in Baku on December 23, 2016, a letter of intent on further development of the ACG blocks. BP is the operator acting on behalf of AIOC. The document reflects principles of the agreement on the block development until 2050.

ACG is a super-giant field bloc located about 100 km east of Baku. It is the biggest producing oil field in the Caspian Sea and covers an area of more than 432 square kilometers. It lies in water depths of between 120 and 170 meters. The depth of the reservoir is 2,000-3,500 meters.

The existing ACG PSA was signed on September 20, 1994 for 30 years. The AIOC was established in February 1995. Oil production from the field began in November 1997.

Participants in the ACG are the companies BP (35,8% as operator), SOCAR (11,6%), Chevron (11,3%), Inpex (11%), Statoil (8,6%), ExxonMobil (8%), TPAO (6,8%), Itochu (4,3%), ONGC Videsh Ltd. (OVL) - (2.7%).

Notably, Energy Minister Berat Albayrak will represent Turkey in the event.