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.