The final investment decision on the Azeri-Chirag-Guneshli (ACG) block development project can be taken in 2019, BP-Azerbaijan President Gary Jones said at a press conference on Friday.
“Evaluation and engineering work is currently under way to build a new platform on the ACG block. We must first determine the cost of the platform and our next steps,” Gary Jones said.
According to him, the evaluation of the work carried out within the framework of the ACG block development so far shows that this project is economically feasible.
“If the work continues successfully, we can make a final investment decision on the project in 2019. It is a necessary step for future investments. I am confident that here in Azerbaijan it is possible to invest effectively that will pay off,” he said.
It should be noted that under the new contract within the ACG project, it is planned to build a new production platform with the goal of stabilizing oil production in the contract area by the middle of the next decade in the region of 450,000 barrels per day. Currently, the project produces about 580 thousand barrels of oil per day. The first oil in the framework of ACG-2 is planned to be produced in 2023.