Dentons has advised the State Oil Company of the Azerbaijan Republic on an addendum to the existing production sharing agreement with BP, MOL, INPEX, Equinor, ExxonMobil, TPAO, ITOCHU, and ONGC Videsh for the development of the non-associated natural gas reservoirs in the Azeri-Chirag-Deepwater Gunashli field.
According to Dentons, "located approximately 100 kilometers east of Baku, ACG is the largest oilfield in the Azerbaijan sector of the Caspian Sea basin. The addendum amends the ACG PSA to enable the parties to explore, appraise, develop, and produce from the ACG field’s NAG reservoirs of up to 4 trillion cubic feet of gas. The addendum is effective until the end of the existing ACG PSA in 2049. The deal could result in the investment of billions of dollars into the development of NAG reservoirs of the ACG field over the next 25 years."
Prague-based Senior Counsel Jon Hines was one of the lawyers leading the Dentons team which also included team members in London and Baku.
