BP-Azerbaijan plans to drill 12 production wells in the Azeri-Chirag-Gunashli (ACG) field block in 2024, said BP Vice President for Wells in Azerbaijan, Georgia and Turkey Jim O’Leary.
“In 2024, it is planned to drill 18 wells on the ACG block, including 12 production wells, 3 water injection wells, 2 gas injection wells and one well as part of the deep-gas project,” O’Leary said on Friday at the IADS Drilling Caspian conference in Baku .
According to him, cited by Interfax-Azerbaijan, in 2023 the company drilled 17 wells on the ACG block, including 9 production wells.
“The volume of drilling will grow every year. Currently, large geological exploration works are being carried out on the block using advanced technologies. However, the main problem is that the Azeri, Chirag and deepwater Gunashli fields are becoming obsolete. We need to restore problematic wells. We need to increase the number of new wells,” he added.
The contract for the development of the Azeri, Chirag and deepwater Gunashli fields was signed on September 20, 1994 and came into force on December 12 of the same year.
This agreement expired in 2024. However, on September 14, 2017, a new contract for the development of the ACG block, designed until 2050, was signed in Baku.
Under the new contract, the share of British bp (project operator) is 30.37%, SOCAR (25%), Hungarian MOL (9.57%), American ExxonMobil (6.79%), Indian ONGC Videsh (2.31%), Japanese Inpex Corp. (9.31%) and ITOCHU Oil (3.65%), Norwegian Equinor (7.27%), Turkish TPAO (5.73%). In December 2023, Equinor signed an agreement to sell its share in the project to SOCAR. The transaction will be considered completed after fulfilling a number of obligations of the parties.
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