Swiss Romandie newspaper publishes article about new agreement on Azeri-Chirag-Gunashli oilfields

Baku, September 19, AZERTAC Swiss Romandie newspaper has published an article about new signedagreement on Azeri-Chirag-Gunashli oilfields. The article highlights the importance of the new agreement. The article says that as part of the deal, the international partners will pay a bonus of $3.6 billion to Azerbaijan's state oil fund and so that SOCAR's equity share will rise to 25% from 11.65%. Production from ACG averaged 585,000 b/d in the first half. ACG currently has eight offshore platforms—six production platforms and two process, gas compression, water injection, and utilities platforms—that export oil and gas to the onshore Sangachal terminal near Baku. The existing PSA, signed in 1994, is set to expire in 2024. WoodMac noted the PSA extension is pivotal for the post-2024 outlook for Azerbaijan's oil sector as ACG currently produces 75% of the country's liquids production.