Chirag oilfield
| Chirag oil field | |
|---|---|
| Country | Azerbaijan |
| Region | Caspian Sea |
| Location | 120 km (75 mi) east of Baku |
| Offshore/onshore | offshore |
| Operator | BP |
| Partners | Azerbaijan International Operating Company |
| Production | |
| Recoverable oil | 360 million barrels (~4.9×107 t) |
Chirag (Azerbaijani: Çıraq) is an offshore oil field in the Caspian Sea, located 120 km (75 mi) east of Baku, Azerbaijan and is a part of the larger Azeri-Chirag-Guneshli (ACG) project. The production, drilling and quarters (PDQ) platform Chirag 1 (EOP) has been in operation since 1997. Chirag 1 has been producing the Early Oil from the ACG field. West Chirag is planned as an extension of ACG project.
The Early Oil Project (EOP) has averaged between 100,000 to 150,000 barrels per day (16,000 to 24,000 m3/d) of oil since the start of production. It was recognized as the first large-scale oil project in the Caspian Sea region. The project involved investment of $200 million from big financial institutions such as World Bank's IFC and the EBRD and included development of part of the Chirag oil field, namely refurbishment of an existing Chirag 1 platform, construction of new subsea pipelines, drilling of development and water injection wells; construction of Sangachal terminal; construction of oil export terminal in Supsa, Georgia and completion of export pipelines and facilities in Azerbaijan and Georgia
The subsidiary of Amoco - Amoco Caspian Sea Petroleum Ltd was the operator for EOP. The partnership also included companies from United States, Russia, Turkey, United Kingdom, Norway, Japan and Azerbaijan.
Sponsors' share of the project costs are estimated at $800 million. IFC loans included five A loans (one to each one of borrowers) equalling $100 million in total and five B Loans, also $100 million in total.
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