INPEX CORPORATION (INPEX) is pleased to announce that the Steering Committee for the development of the Azeri, Chirag and deepwater portion of the Gunashli (ACG) fields sanctioned investment in the new Chirag Oil Project (COP). The $6 billion development plan is the next step in the ongoing development of the ACG field in the Azerbaijan sector of the Caspian Sea.
The project is planned to increase oil production and recovery from the ACG field through a new offshore facility between the existing Deepwater Gunashli (DWG) and Chirag-1 platforms. First oil from the Chirag Oil Project, the latest stage in ACG’s development stretching back more than 15 years, is expected in late 2013, and the COP development will allow recovery of an additional 360 million barrels of oil in total.
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