SOCAR and AIOC sign a letter of intent for the future development of the Azeri-Chirag-Gunashli (ACG) field, in the Azerbaijan sector of the Caspian Sea.

SOCAR (the State Oil Company of the Republic of Azerbaijan) and AIOC (the Azerbaijan International Operating Company) have signed a letter of intent for the future development of the Azeri-Chirag-Gunashli (ACG) field, in the Azerbaijan sector of the Caspian Sea, which is expected to bring thousands of jobs in the years ahead.

The agreement will cover the development of the field until 2050 and will add significant resource development potential to the middle of the century, according to a joint statement by SOCAR and AIOC. ACG currently produces around 620,000 barrels of oil equivalent.

“This is an important day for Azerbaijan, SOCAR and the AIOC partnership. It opens up an exciting opportunity to the middle of the century for us to continue this extraordinary partnership. In 1994 we set out to develop ACG in the new phase of the country’s energy journey. BP is very proud to be a part of this long-term partnership and looks forward to continuing it for many decades to come,” Bob Dudley, BP CEO, said.

“This agreement will enable future investments and projects, and will bring many thousands of jobs in the years ahead,” Gordon Birrell, BP’s regional president for Azerbaijan, Georgia and Turkey, said.

The shareholders in AIOC are BP, Chevron, INPEX, Statoil, ExxonMobil, TPAO, ITOCHU and ONGC Videsh.

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