Acg Production Sharing Agreement

The Government of Azerbaijan and the State Oil Company of the Republic of Azerbaijan (SOCAR) today signed the amended and adapted Agreement on The Joint Distribution of Development and Production (PSA) with BP, Chevron, INPEX, Statoil, ExxonMobil, TP, ITOCHU and ONGC Videsh, the amended and adapted Agreement on the Joint Distribution of Development and Production (PSA) for the Fields of Azerbaijan, Chirag and the Deep-Water Part of the Gunashli Field (ACG) in the Azerbaijani Caspian Sea sector. The treaty is now subject to ratification by the Parliament (Milli Majlis) of the Republic of Azerbaijan. The contract was signed today in Baku in the presence of the President of H.E. Ilham Aliyev of the Republic of Azerbaijan and a group of senior government and state officials of Rovnag Abdullayev, Chairman of SOCAR, on behalf of the Azerbaijani government and representatives of the co-venturers. BP remains the operator in accordance with the amended and adapted ACG PSA. . . .