Equinor and partners make billion dollar investment in Azerbaijan

EquinorFornebu.Equinor.Photo: Berit Roald / NTB scanpix

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Equinor and eight partners in an oil field in the Caspian Sea will invest
$6 billion in building another platform.

The amount corresponds to just over NOK 50 billion.

The investment decision comes after the authorities in Azerbaijan agreed to extend the lifetime of the Azeri Chirag Gunashli (ACG) field until 2049 according to Equinor on Friday morning.

The new platform, called ACE (Azeri-Central-East), will be integrated
into today’s infrastructure. It is designed to process up to 100,000
barrels of oil per day, and it is expected to produce up to 300 million
barrels during its lifetime.

Equinor has a 7.27% share in the oil field, and the expected start of
production is in 2023.

© NTB Scanpix / #Norway Today

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