9:52 p.m. Friday,
February 26, 2010
Baku, Fineko/abc.az. The next participant sells stake in the largest oil project of Azerbaijan – PSA for development of block of oil fields Azeri-Chirag-Gunashli (АCG) in the Azerbaijan sector of the Caspian Sea.
Chief of Investment Department of the State Oil Company of Azerbaijan (SOCAR) Vagif Aliyev said that Devon company within the framework of the plan for sale of participation in offshore projects all over the world in order to concentrate on projects in the USA, announced on withdrawal from project of ACG and the consortium, which implements it – the Azerbaijan International Operational Company (AIOC).
“In this connection, the company offered other participants of the consortium to purchase its participation, and then has begun negotiations on sale of equity stake of the China National Petroleum Corporation (CNPC). Presently, it has started negotiations with other participants of AIOC on sanctioning of this transaction. No decisions have been taken so far and there is no information about terms of the transaction,” V. Aliyev told.
PSA is focused only on oil. Associated gas, which is not used for technological needs, is transferred free to Azerbaijan. Resources of the block are estimated at 925 million tons of oil. Devon possesses 5.6% of participation in the project against 34.1% of its operator, represented by BP, Chevron has 10.2%, SOCAR - 10 % and INPEX - 10 %, Statoil – 8.6% and TPAO owns 6.8%. Itochu enjoys 3.9% in the project and Hess – 2.7%.
Source: http://abc.az/eng/news_25_02_2010_42945.html
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