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INPEX: FID on further dev’t of ACG to have minimal impact on company’s consolidated financial results



By  Trend

The final investment decision on the further development of Azeri-Chirag-Gunashli (ACG) block of oil and gas fields in the Azerbaijani sector of the Caspian Sea will have a minimal impact on the consolidated financial results of Japanese INPEX company, one of ACG shareholders, Trend reports citing INPEX.

“Going forward, INPEX will continue to enhance project value including maintaining its production and increasing proved reserves from the ACG oil fields. The project is aligned to INPEX’s pursuit of the sustainable growth of oil and natural gas E&P activities, one of the medium- to long-term growth targets outlined in the company’s VISION 2040,” said the company.

INPEX said it will continue to be proactively engaged in the exploration, development and production of hydrocarbon resources in the Republic of Azerbaijan.

“The impact of this matter on the company’s consolidated financial results is minimal,” said the Japanese shareholder.

The Steering Committee for the development of the Azeri and Chirag fields and the Deep Water portion of the Gunashli (ACG) field (including SOCAR, BP, Chevron, INPEX, Equinor, ExxonMobil, TPAO, ITOCHU and ONGC Videsh) has announced the sanctioning of the Azeri Central East (ACE) project, the next stage of development of the giant ACG field in the Azerbaijan sector of the Caspian Sea.

The $6 billion development includes a new offshore platform and facilities designed to process up to 100,000 barrels of oil per day. The project is expected to achieve first production in 2023 and produce up to 300 million barrels over its lifetime.

ACG participating interests are: BP (30.37 per cent), SOCAR (25.0 per cent), Chevron (9.57 per cent), INPEX (9.31 per cent), Equinor (7.27 per cent), ExxonMobil (6.79 per cent), TPAO (5.73 per cent), ITOCHU (3.65 per cent), ONGC Videsh Limited (OVL) (2.31 per cent).

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