SOCAR and BP-operated AIOC sign principles of agreement on future development of the ACG oil field in Azerbaijan to 2050

SOCAR (the State Oil Company of the Republic of Azerbaijan) and AIOC (the Azerbaijan International Operating Company) today 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.  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. ….