British BP Announced the Start of Oil Production from a New Offshore Platform in Azerbaijan

The British company expects production at ACE to reach about 24 thousand barrels per day in 2024.

The British company BP announced the start of oil production from a new platform in the Azerbaijani sector of the Caspian Sea.

“As part of the development of the Azeri-Chirag-Gunashli (ACG) field, the first oil was produced from the new Azeri Central East (ACE) platform. Production at ACE is expected to reach about 24 thousand barrels per day in 2024, as drilling, completion and two more planned wells have been put into operation,” the company said in a statement.

The company noted that the platform and associated facilities are designed to extract up to 100 thousand barrels of oil per day, and in total 48 wells will be drilled at ACE.

“Over the life of the ACE platform, this part of the field is expected to produce up to 300 million barrels of oil,” the statement said.

ACE is the seventh oil production platform at the ACG field in the Caspian Sea. In total, since the beginning of ACG development in 1997, more than 4.3 billion barrels of oil have been produced here.

The contract for the development of the Azeri-Chirag-Guneshli field block was signed on September 20, 1994 for a period of 30 years. In September 2017, the contract was extended until 2050.

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