Baku, August 15, AZERTAC During the first half of the year, the Azeri Central East (ACE) platform jacket sailed away from the Heydar Aliyev Baku Deepwater Jackets Factory, where it was built, to its permanent location at the ACG field and was installed on top of the ACE platform jacket in a water depth of 137 metres. The ACE project is the next stage of development of the giant Azeri-Chirag-Gunashli (ACG) field in the Azerbaijan sector of the Caspian Sea. It is a $6 billion development project which includes a new offshore platform and facilities designed to process up to 100,000 barrels of oil per day. The project is expected to produce up to 300 million barrels over its lifetime.The project was sanctioned in April 2019. The sanction of ACE was the first major investment decision by the ACG partnership following the extension of the ACG Production Sharing Agreement (PSA) to 2049 was agreed in 2017. Around $42 billion has been invested in the development of the ACG area since the original PSA signed in 1994. The ACE project is centred on a new 48-slot production, drilling and quarters platform located mid-way between the existing Central Azeri and East Azeri platforms in a water depth of approximately 140 metres. The project also includes new infield pipelines to transfer oil and gas from the ACE platform to the existing ACG Phase 2 oil and gas export pipelines for transportation to the onshore Sangachal terminal.In addition, there is a water injection pipeline installed between the East Azeri and ACE platforms to supply injection water from the Central Azeri compression and water injection platform to the ACE facilities.The ACE platform is designed to use technology innovations and automated operation systems that will be controlled remotely from an onshore control room at the Sangachal terminal. It will be the first remotely operated offshore platform in the Caspian. Currently, the remote control scope at the Sangachal terminal is 100% complete with the control room already operational allowing testing to take place.Construction activities for the project commenced in late 2019 and have taken place in-country utilizing local resources. At peak, over 8,500 people were involved in overall construction activities in Azerbaijan. The ACG shareholders are BP (30.37%), SOCAR (25%), MOL Group (9.57% (replaced Chevron on April 16, 2020)), INPEX (9.31%), Equinor ”(7.27%), ExxonMobil (6.79%), TPAO (5.73%), ITOCHU (3.65%), ONGC Videsh Limited (OVL) (2.31%).