Middle East Economic Survey

VOL. LIII

No 11

15-March-2010

CASPIAN

AIOC Approves Chirag Oil Project, Sees Additional 360Mn Barrels

The Azerbaijan International Operating Company (AIOC) has approved a $6bn project to further develop the offshore Chirag oilfield, part of the BP-operated Azeri-Chirag-Guneshli (ACG) production sharing contract, which is currently producing up to 850,000 b/d. A statement released by AIOC on 9 March said the Chirag Oil Project (COP) would allow the recovery of an...