ITOCHU Oil Exploration (Azerbaijan) Azeri Production Starts in the Caspian Sea.Tokyo, Japan, Jan 13, 2006 - (JCN) - ITOCHU Corporation announced that its subsidiary, ITOCHU Oil Exploration (Azerbaijan) Inc. started oil production from the West Azeri development, part of the Azeri-Chirag-Gunashli (ACG ACG American College of Gastroenterology; angiocardiography; apexcardiogram. AcG accelerator globulin (coagulation factor V). AcG accelerator globulin (clotting factor V). ) field, in the Azerbaijan sector of the Caspian Sea on 30 December last year. Averaged production from West Azeri in 2006 is forecast to be 70,000 b/d. Oil from West Azeri, together with oil produced from Chirag and Central Azeri, will be transported to market via new export routes of the Baku-Tbilisi-Ceyhan (BTC) pipeline. The Azeri-Chirag-Gunashli (ACG) Production Sharing Agreement Production sharing agreements (PSAs) are used primarily to determine the share a private company will receive of the natural resources (usually oil) extracted from a particular country. (PSA (Professional Services Automation) An information system designed to organize, track and manage all opportunities, work, resources, costs, revenues and invoices to improve the productivity and efficiency of the workforce. ), signed in September 1994, covers the 30 year development of the ACG contract area (432.4km2). It is estimated that 5.4 billions barrels of oil will be recovered during the PSA period.West Azeri is located in approximately 118 meters of water, 100 km east of Baku. The field is being developed in several phases: Chirag has been producing since 1997 as part of the Early Oil Project.This was followed by Azeri Project Phase 1 - Central Azeri production in early 2005. Successive phases include West Azeri, which started production in 2006, and East Azeri, scheduled to come on stream in 2007 as Azeri Project Phase 2, with ACG Phase 3 - Deepwater Gunashli, already sanctioned and expected to begin production in 2008.Once complete, the combined development is expected to produce more than 1 million BOPD BOPD Barrels of Oil Per Day BOPD Bataan Ocean Petroleum Depot by 2009. ITOCHU Corporation participated ACG Project in 1996 and is the one of the first Japanese company opened the representative office in Azerbaijan. The parties to the Azeri-Chirag-Gunashli (ACG) Production Sharing Agreement are: BP (operator-34.1%), Unocal (10.3%), SOCAR SOCAR State Oil Company of Azerbaijan Republic SOCAR Shuttle Operational Capability Assessment Report (10%), INPEX INPEX Information Nouveautés Pharmaceutiques (10%), Statoil (8.6%), ExxonMobil (8%), TPAO (6.8%), Devon (5.6%), Itochu (3.9%) and Amerada Hess (2.7%). Copyright [c] 2006 Japan Corporate News Network. All rights reserved. |
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