Japanese Itochu interested in expanding cooperation with SOCAR

Along with the project of developing a block of the Azerbaijani offshore oil and gas fields “Azeri-Chirag-Guneshli” (ACG), the Japanese company Itochu is interested in cooperation with SOCAR (State Oil Company of Azerbaijan) as part of other projects, SOCAR’s report says with reference to Itochu executive vice president Yoichi Kobayashi.
A meeting was held with a Japanese delegation led by Kobayashi Oct. 20. SOCAR head Rovnag Abdullayev said that there are opportunities to intensify the cooperation between the two companies both as part of the ACG and other projects, the report says.
The contract for the development of the Azeri-Chirag-Guneshli large offshore field, with proven oil reserve of nearly 1 billion metric tons, was signed in 1994.
The shares in the contract are distributed as follows: BP (operator in Azeri-Chirag-Guneshli) – 35.78 percent, Chevron – 11.27 percent, Inpex – 10.96 percent, SOCAR – 11.65 percent, Statoil – 8.56 percent, Exxon – 8 percent, TPAO – 6.75 percent, Itochu – 4.3 percent and ONGC – 2.72 percent.
Most of the oil produced in Azerbaijan account for the ACG.