BP launches production on the new ACE platform in the Caspian Sea

BP has started production on the new Azeri Central East platform in the ACG field in Azerbaijan, aiming for significant production by the end of 2024.
Plateforme ACE BP Azerbaïdjan

Partagez:

With its partners, BP initiated oil production on the Azeri Central East (ACE) platform, the first new platform in a decade at the ACG oilfield complex in the Caspian Sea. Production, which started with the first well, should reach 24,000 barrels per day by the end of 2024 with the activation of two further wells.

Advanced technological capabilities

The ACE platform is described by BP as the most digitally and technologically advanced in the world, capable of being controlled from shore. The platform structures – base and top – were built in Azerbaijan.

Impact on ACG field production

This $6 billion project is crucial to counter declining production in the ACG project, which accounts for the majority of Azerbaijan’s oil production. The Azeri Light brand of oil, exported mainly via the Ceyhan terminal in Turkey, is highly valued by refiners for the production of middle distillates and light products.

Contributing to sustainable development and energy security

The implementation of the ACE platform is in line with BP’s long-term strategy of continuing to invest in new technologies to maximize the performance of the ACG field. The aim is to produce up to 300 million barrels of oil over the life of the platform.

Gary Jones, BP’s Regional President, underlined the success of the start-up, which testifies to the close collaboration with Socar and the Azerbaijan government. This project marks the start of a new development phase for the ACG field, coinciding with the thirtieth anniversary of the development agreement.

  • Populaires ​
Europe extends gas storage obligations until 2027
Uranium Energy Corp acquires 170 million shares of Anfield Energy Inc.
Chinese independent refiners poised to increase fuel oil imports
Austria introduces a 20% bonus for European photovoltaic equipment
Longi and Pertamina launch 1.6 GW solar plant in Indonesia
Orlen ends Russian oil purchases for Czech refinery after contract expiry
Orlen announces the definitive halt of its Russian oil purchases for the Czech Republic, marking the end of deliveries by Rosneft following the contract expiry, amid evolving logistics and diversification of regional supply sources.
Adura becomes the leading independent oil and gas producer in the North Sea
Equinor and Shell launch Adura, a new joint venture consolidating their main offshore assets in the United Kingdom, aiming to secure energy supply with an expected production of over 140,000 barrels of oil equivalent per day.
Equinor discovers up to 15 mn barrels of oil at Johan Castberg in the Barents Sea
Equinor announces a new oil discovery estimated at between 9 and 15 mn barrels at the Johan Castberg field in the Barents Sea, strengthening the reserve potential in Norway's northern region.
Sierra Leone launches extensive offshore oil exploration with 60 potential blocks
Sierra Leone relaunches an ambitious offshore exploration campaign, using a 3D seismic survey to evaluate up to 60 potential oil blocks before opening a new licensing round as early as next October.
Zambia restructures petroleum logistics to stabilise energy supply
Faced with recurrent shortages, Zambia is reorganising its fuel supply chain, notably issuing licences for operating new tanker trucks and service stations to enhance national energy security and reduce external dependence.
Grangemouth Closure: UK Oil Stocks at Highest Level in Three Years
The closure of the Grangemouth refinery has triggered a record increase in UK oil inventories, highlighting growing dependence on imports and an expanding deficit in domestic refining capacity.
Mexco Energy reports 27% increase in annual profit
Mexco Energy Corporation reports an annual net profit of $1.71mn, up 27%, driven by increased hydrocarbon production despite persistently weak natural gas prices in the Permian Basin.
S&P downgrades Ecopetrol to BB, Moody’s maintains Ba1 rating
S&P Global Ratings lowers Ecopetrol's global rating to BB following Colombia's sovereign downgrade, while Moody’s Investors Service confirms the group's Ba1 rating with a stable outlook.
Shell officially rules out any takeover offer for rival BP
Shell group publicly clarifies it is neither considering discussions nor approaches for a potential takeover of its British rival BP, putting an end to recent media speculation about a possible merger between the two oil giants.
Petro-Victory launches fully-funded drilling campaign in Brazil
Petro-Victory Energy Corp. starts drilling of the AND-5 well in the Potiguar Basin, Brazil, as the first phase of an operation financed through its strategic partnership with Azevedo & Travassos Energia.
Port of Corpus Christi expands capacity for large oil tankers
The Texan Port of Corpus Christi has completed major widening and deepening work designed to accommodate more supertankers, thus strengthening its strategic position in the US market for crude oil and liquefied natural gas exports.
BP Prudhoe Bay Royalty Trust puts Prudhoe Bay royalty up for sale
BP Prudhoe Bay Royalty Trust is offering its interest in Prudhoe Bay, North America’s largest oil field, as part of its planned dissolution, assisted by RedOaks Energy Advisors for this strategic asset transaction.
CNOOC partners with KazMunayGas to explore the Zhylyoi subsoil area
CNOOC Limited’s Hong Kong subsidiary and KazMunayGas have concluded a nine-year exploration and production contract covering nine hundred and fifty-eight square kilometres in Kazakhstan, sharing investment and operations equally.
Trump authorizes China to buy Iranian oil, shaking global oil markets
Donald Trump announced that the United States will no longer oppose Chinese purchases of Iranian oil, immediately triggering a drop in global crude oil prices and profoundly reshaping international energy trade partnerships.
Canadian oil sands production poised to reach record high
Research firm S&P Global Commodity Insights lifts its outlook for the fourth straight year, betting on three point five mn barrels per day from 2025 despite lower prices.
Enbridge Considers Adding Capacity to Export More Oil to Gulf Coast
Enbridge plans to expand its infrastructure to increase oil transportation from the American Midwest to the Gulf Coast, anticipating rising exports and addressing current market logistical constraints.
US oil stocks fall by 3.1 mn barrels, surprising markets
US commercial crude inventories significantly decline by 3.1 million barrels, widely surpassing initial forecasts and immediately pushing international oil prices higher.
UK reserves underestimated, GBP 165 billion opportunity according to Offshore Energies UK
The UK could have hydrocarbon reserves twice as large as current official estimates, according to Offshore Energies UK, highlighting the impact of fiscal policies on forecasts and the economic future of the North Sea.
Eni, BP and TotalEnergies partially evacuate Iraq; Lukoil maintains operations
Following US strikes in Iran, international energy companies partially evacuate their teams from Iraq as a precaution, while Lukoil maintains its entire personnel on southern oilfields.
Chinese Refineries Cautious Amid Iran-Israel Tensions Threatening Oil Supply
Chinese independent refineries remain cautious amid rising Iranian crude prices driven by escalating Iran-Israel tensions, potentially threatening access to the strategic Strait of Hormuz.

LEGAL

FOSSILS

POLICY

RENEWABLE

PLUS

© XMARKET PUBLISHING

Welcome

Your subscription

Included in this subscription:

COMMUNICATE ON ENERGYNEWS