Norway's Equinor and eight partners agreed to invest $6 billion to build an additional oil platform for the offshore Azeri Chirag Gunashli (ACG) oilfield in the Caspian Sea, the company said on Friday.
The investment decision follows an agreement with the government of Azerbaijan to extend the life of the ACG field until 2049.
The new platform, called ACE (Azeri-Central-East), will be integrated with existing infrastructure and is designed to process up to 100,000 barrels of oil per day and is expected to produce up to 300 million barrels over its lifetime.
First oil production is expected in 2023.
ACG participating partners include BP (30.37%), SOCAR (25%), Chevron (9.57%), INPEX (9.31%), Equinor (7.27%), ExxonMobil (6.79%), TPAO (5.73%), ITOCHU (3.65%) and ONGC Videsh Limited (OVL) (2.31%).
By Murat Temizer