"We have approved construction, production and investment amounts for the Balakhany-Chirag project for further development of ACG," said Socar's investment division boss Vagif Aliyev.
"BP, as operator, is working on project engineering," he added. Aliyev said that project sanction for the new development is planned for 2009.
The Balakhany-Chirag project, proposed by the BP-led ACG partners, includes the construction of new offshore platforms that will be located on the Chirag and Azeri fields.
