The contract for developing the ACG field was signed in 1994. The proven oil reserves of the block near 1 billion tons.
The shareholders of the project are BP (35.78 percent), Chevron (11.27 percent), Inpex (10.96 percent), AzACG (SOCAR) (11.65 percent), Statoil (8.55 percent), ExxonMobil (8 percent), TP (6.75 percent), Itochu (4.3 percent) and ONGC Videsh Limited (OVL) (2.72 percent).
The signing ceremony of a new contract on development of ACG block of oil and gas fields was held in Baku Sept. 14.
Following the ratification of the contract, the new ACG participating interests will be as follows: BP - 30.37 percent; AzACG (SOCAR) - 25.00 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; and ONGC Videsh Limited (OVL) - 2.31 percent.
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