SOCAR & partners may buy stake of ExxonMobil, Chevron in ACG

Fri 19 Apr 2019 09:36 GMT | 13:36 Local Time

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Azerbaijan’s state oil company SOCAR and partners on the project for the development of the Azeri-Chirag-Guneshli (ACG) block of fields plan to participate in a tender to buy a stake of ExxonMobil and Chevron, President of Azerbaijan’s state oil company SOCAR Rovnag Abdullayev told reporters in Baku, Trend reports.

Earlier, ExxonMobil and Chevron announced that they were planning to sell their shares in the ACG.

The contract for developing the ACG field was signed in 1994. A ceremony to sign a new contract on development of the ACG block of oil and gas fields was held in Baku Sept. 14, 2017.

The new ACG participating interests are as follows: BP - 30.37 percent; AzACG (SOCAR) - 25 percent; Chevron - 9.57 percent; INPEX - 9.31 percent; Statoil - 7.27 percent; ExxonMobil - 6.79 percent; TP - 5.73 percent; ITOCHU - 3.65 percent; ONGC Videsh Limited (OVL) - 2.31 percent.

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