BP's New Offshore Platform in Azerbaijan Goes Operational [Yahoo! Finance]
BP p.l.c. (BP)
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Source: Yahoo! Finance
This marks the inauguration of BP's seventh offshore platform at the Azeri-Chirag-Gunashli (“ACG”) field in the Caspian Sea. The ACG field, which kickstarted its production journey in 1997, has been a pillar in Azerbaijan's oil industry, contributing more than 4.3 billion barrels of oil to date. However, the country's oil production has seen a decline since reaching its peak of approximately 1 million barrels per day during 2011-2012. The ACE project, backed by a $6 billion investment, marks the next stage in the evolution of the ACG field. Positioned strategically at a water depth of 137 meters, the platform is equipped with 48 slots for production, drilling and accommodation, strategically placed between the Central Azeri and East Azeri platforms. Designed to handle up to 100,000 barrels per day, the ACE platform and its associated infrastructure are poised to play a pivotal role in revitalizing Azerbaijan's oil production landscape. The project, with its anticipated lifespan,
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