ITOCHU announced that its subsidiary, ITOCHU Oil Exploration, has commenced additional oil production from both the existing Chirag oil field and the deepwater portion of the Gunashli oil field including those shallow parts on in January this year, in addition to the current oil production from the Azeri-Chirag-Gunashli (ACG) Oil Fields. The additional oil development is called the Chirag Oil Project (COP), which had started in 2010.
The ACG Oil Fields are located approximately 100 km east of Baku, Azerbaijan in the Caspian Sea, currently producing oil at the rate of approximately 600 Mbopd. The COP is a $6 billion further development plan for the ACG Oil Fields. Operations for additional oil production from the COP will be conducted using the predrilled wells and a newly installed production platform which the design oil capacity is 183 Mbopd.
The oil produced from the COP will, together with the oil currently produced from the ACG Oil Fields, be delivered to the Sangachal Terminal, near Baku, and then transported through the BTC Pipeline, in which ITOCHU participates, to Ceyhan on Turkey’s Mediterranean coast via Tbilisi, Georgia, for export.
ITOCHU acquired a 3.9205% interest in the field in 1996 and was the first Japanese corporation to establish an office in Azerbaijan. In 2010 ITOCHU agreed to acquire an additional interest and increased participating interest to 4.2986%. INPEX, another Japanese corporation, is also participating in the project.
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