Gary Jones noted that BP has signed four exploration contracts, and the drilling will be carried out on the basis of these contracts.
He noted that expectations from the block D-230 are high. If the work at this exploration block is successful, BP will discover a field similar to the Azeri-Chirag-Guneshli field in volume, he said.
Jones stressed that BP exceeded its forecasts in 2018. He noted that the work carried out in Azerbaijan has a special place in the BP portfolio and in terms of volume is similar to the work carried out in Brazil.
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.
Shah Deniz participating interests are: BP (operator – 28.8 percent), TPAO (19 percent), AzSD (10 percent), SGC Upstream (6.7 percent), PETRONAS (15.5 percent), LUKOIL (10 percent) and NICO (10 percent).