BAKU, Azerbaijan, June 5. The first gas from the Azeri-Chirag-Gunashli (ACG) deepwater reservoirs is expected to be produced in early 2025, bp Regional President for Azerbaijan, Georgia, and Türkiye Gary Jones said during the "Executive Talks: Energy Security 2.0" panel at the 29th Baku Energy Forum, TurkicWorld reports.
He noted that bp is also optimistic about the outcomes of the 4D seismic study at ACG.
The bp official stressed the significance of inexpensive and readily available conventional energy sources globally, with oil and gas meeting 55 percent of the world's energy demands.
Furthermore, Jones emphasized Azerbaijan's comprehensive approach and notable accomplishments in both energy security and transition.
"At the same time, the development of low-carbon energy is imperative. In this context, the Shafag solar plant project by bp and SOCAR (State Oil Company of Azerbaijan Republic) in Jabrayil district holds significance. This venture marks the first utilization of a green energy swap mechanism, with bp receiving the equivalent of the green energy it generates and distributes in the Jabrayil region at the Sangachal terminal," he elaborated.
To note, bp Exploration (Caspian Sea) Ltd. acts as the operator on behalf of the contracting parties to the ACG Production Sharing Agreement.
The stakes in ACG are distributed as follows: bp (30.37 percent), SOCAR (25.0 percent), MOL (9.57 percent), INPEX (9.31 percent), Equinor (7.27 percent), ExxonMobil (6.79 percent), TPAO (5.73 percent), ITOCHU (3.65 percent), and ONGC Videsh (2.31 percent).
Over 600 delegates are participating in the forum, representing a diverse range of countries including Australia, Austria, Belarus, Belgium, Bulgaria, China, the Czech Republic, Finland, France, Georgia, Hungary, India, Israel, Italy, Japan, Kazakhstan, Latvia, Monaco, the Netherlands, Norway, UAE, Qatar, Romania, Russia, Saudi Arabia, Slovenia, Sweden, Switzerland, Ukraine, the UK, the US, and Uzbekistan. This year's forum boasts a record number of speakers, totaling 81.
The Forum's agenda will address energy issues of significance for Azerbaijan and the broader Caspian region, focusing primarily on considerations and financing related to energy security, energy transition, and green energy projects.
