Azerbaijan's SOCAR updates Azeri-Chirag PSA to 2049, permitting BP-led JV to explore and produce NAG from 2025.

Azerbaijan's state oil company SOCAR has updated its Production Sharing Agreement for the Azeri-Chirag fields, extending it to 2049. The addendum permits exploration and production of non-associated natural gas (NAG) reservoirs, estimated to hold up to four trillion cubic feet of gas. BP leads an international joint venture, with drilling underway at the West Chirag Platform, and gas production expected to begin in 2025.

September 23, 2024
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