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ACE platform’s topside module will be delivered to sea soon

01 August 2023 15:07 (UTC +04:00)

The Azeri Central East (ACE) platform’s topside module constructed in Azeri-Chirag-Guneshli (ACG) oil-gas fields block situated in the Azerbaijan sector of the Caspian Sea will be delivered to sea in the third quarter of this year, APA-Economics reports citing project ACG’s operator, Great Britain’s BP company’s report.

It is stated that the platform ACE’s construction of topside module is completed and the deliverance to the sea should commence in the third quarter of 2023.

The report stresses that the ACE project is the next stage of the field ACG’s development.

It was announced last month that the topmost module of platform ACE constructed in ATA (Amec-Tekfen-Azfen) yard was loaded to the STB-1 barge of Azerbaijan Caspian Shipping CJSC to be delivered to the operational site at sea.

Note that a natural decrease in oil production in the ACG has been observed in recent years. The construction of the new platform also aims to stabilize production in the block.

The first oil extraction from the new platform is expected early next year. The $6 billion worth ACE project is the next stage in the development of the huge ACG field in the Caspian Sea. The project includes a new offshore platform and other facilities with a production capacity of up to 100,000 barrels per day. It is forecasted that up to 300 million barrels of oil will be produced during the operation period of the project.

Notably, the share distribution in ACG is as follows: BP – 30.37% (operator), AzACG (SOCAR) – 25.00%, MOL – 9.57%, "Inpex" – 9.31%, "Equinor" (formerly Statoil) – 7.27%, ExxonMobil – 6.79%, TPAO – 5.73%, Itochu – 3.65% and ONGC Videsh Ltd. (OVL) – 2.31%.