BP’s new Azeri-Central-East (ACE) facility is expected to boost oil production by 25 percent.
The ACE facility has the capacity to handle up to 2.6 bcm of gas per year, which could help Azerbaijan meet its gas supply commitments to the European Union.
The launch of the ACE facility comes at a fortuitous time for Azerbaijan, which is heavily dependent on hydrocarbon exports.
Azerbaijan is ready to start supplying oil products to Kyrgyzstan, Kyrgyz Energy Minister Taalaibek Ibraev told Kyrgyz media, Azernews reports.
According to him, Azerbaijan is one of the top oil exporters. The Junda oil refinery, which would consume more than 1 million tons of petroleum per year, will also be operational in Kyrgyzstan soon.
The survey will cover 740 square kilometers focusing on Balakhany and Fasila oil reservoirs, using specialized vessels for a detailed analysis.
Production from the ACG oil field has significantly declined since its peak in 2010, prompting this initiative to better manage and potentially increase remaining reserves.
The new seismic survey, complemented by BP’s ongoing projects like the Azeri Central East platform, aims to sustain Azerbaijan’s oil production and revenue in the coming years.