ACG contract extension: Azerbaijan's key event to watch



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Report summary

An extension is expected for the Azeri Chirag Guneshli PSC, which is due to expire in December 2024. Although production has been in decline since 2010, ACG is still expected to be producing significant volumes at that date. The BP-operated field has been the backbone of Azerbaijan's economy and has fuelled the State Oil Fund of Azerbaijan (SOFAZ). It has also proved an important asset for SOCAR, BP, Chevron, Statoil and INPEX. Maximising production at ACG is vital to both Azerbaijan's economy and to the partners.

What's included

This report contains

  • Document

    ACG contract extension – Azerbaijan's key event to watch

    PDF 307.77 KB

Table of contents

  • Executive summary
  • The importance of ACG
  • The need for a contract extension
  • What a contract extension would look like
  • However, a 48-slot platform does present some issues
  • A history of increased government share of profit oil
  • What if SOCAR increases its stake?
  • What we expect

Tables and charts

This report includes 5 images and tables including:


  • Current production profile by platform
  • Government share of profit oil for Azerbaijani assets
  • ACG contract extension (including a 48-slot platform)
  • Development scenario comparisons
  • Government share of profit oil for each scenario

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