UK minister to visit Azerbaijan
SOCAR (the State Oil Company of the Republic of Azerbaijan) and AIOC (the Azerbaijan International Operating Company) signed a letter of intent (LoI) for the future development of the Azeri-Chirag-Gunashli (ACG) field in the Azerbaijan sector of the Caspian Sea on December 23, 2016.
The agreement will cover the development of the field until 2050 and will add significant resource development potential to the middle of the century. Today ACG produces circa 620,000 barrels of oil equivalent.
BP is the operator acting on behalf of AIOC.