ACG FID delayed as partners plan to pull out of the asset

A consortium led by UK supermajor BP has had to postpone a final investment decision on the next stage of development at the Azeri-Chirag-Guneshli (ACG) oilfields off Azerbaijan as two partners in the Caspian Sea project draw up plans to exit the asset, writes Kama Mustafayeva.

According to sources involved into the process, US supermajors ExxonMobil and Chevron, which last year revealed plans to sell their stakes in ACG, suggested to other field partners that the project sanction be postponed until they finalise deals with buyers.