The Second Addendum to the Agreement on Joint Development of the Azeri, Chirag fields Was Signed

The State Oil Company of the Azerbaijan Republic (SOCAR), bp, MOL, INPEX, Equinor, ExxonMobil, TPAO, ITOCHU and ONGC Videsh held an event on the occasion of the 30th anniversary of the "Contract of the Century". The Second Addendum to the Agreement dated September 14, 2017 on joint development of the "Azeri", "Chirag" fields and the deep-lying part of the "Guneshli" field in the Azerbaijani sector of the Caspian Sea and the sharing of oil production was signed.

Stating that September 20 is a significant day for Azerbaijan's energy sector, SOCAR President Rovshan Najaf pointed out that the signing of a new gas agreement on the anniversary of the "Contract of the Century" signed under the initiative and leadership of our National Leader Heydar Aliyev is a new strategic stage for SOCAR. Rovshan Najaf said that Azerbaijan continues its efforts to further diversify its energy resources as a reliable partner in international markets. The president of SOCAR expressed his belief that the signed document will contribute to the energy security of partners and further strengthen Azerbaijan's position as a reliable energy supplier to Europe.

Expressing satisfaction with the launch of the free natural gas project, Gordon Birrell, executive vice president of production and operations of BP, noted that there is great potential in the development of free gas reserves of Azeri, Chirag and Guneshli (ACG) fields. Gordon Birrell said that in addition to the celebration of ACG's oil achievements within the framework of the event held on the occasion of the 30th anniversary of the "Contract of the Century", the start of activities on the natural gas project was a significant event. Gordon Birrell emphasized that the large-scale works carried out in Azerbaijan in the last 30 years have turned the country into one of the world's important energy suppliers.

It should be noted that according to the document, the parties will work in the direction of exploration, evaluation, development and production of free natural gas resources of "Azeri", "Chirag" fields and "Guneshli" (ACG) field. The newly signed document will be valid until the end of the current ACG production sharing agreement (HPBS) period - until 2049.

The participation shares of ACG partners in the free natural gas project are the same as in the current HPPS for ACG: bp (30.37%), SOCAR (25.0%), MOL (9.57%), INPEX (9.31%), " Equinor" (7.27%), "ExxonMobil" (6.79%), TPAO (5.73%), ITOCHU (3.65%), "ONGC Videsh" (2.31%).