Devon sells stake in ACG fields

INPEX Southeast Caspian Sea has increased its interest in the Azeri-Chirag-Gunashli field in the Azeri sector of the Caspian Sea.

Offshore staff

TOKYO -- INPEX Southeast Caspian Sea has increased its interest in the Azeri-Chirag-Gunashli field in the Azeri sector of the Caspian Sea.

Devon Energy Caspian has sold its 5.63% stake in the development, to be split between INPEX (0.96%), operator BP (3.29%), Chevron (0.99%), and Itcihu (0.38%).

As a result, INPEX will hold 10.96% of ACG. The other partners are SOCAR subsidiary AzACG, Statoil, ExxonMobil, TPAO, and Hess.

The ACG production-sharing contract was signed in 1994. Three development phases have been brought into production so far, with the current stage – the Chirag Oil Project – due to deliver first oil in 2013. INPEX says combined production from all the phases will be around 1 MMb/d of oil.

08/17/2010

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