Oil Field Development in the Caspian Sea

We are carrying out development and production in the ACG field in the Caspian Sea region of Azerbaijan.

1. Summary of the ACG Field

Our subsidiary, Itochu Oil Exploration (Azerbaijan) Inc. acquired a 3.9205% interest in the ACG field in 1996. In August 2010, the company acquired additional interest in the project, increasing its operating interest to 4.30%.
ACG Field is located in the Caspian Sea in Azerbaijan and covers a 432.4km2 area. The Deep Water Gunashli complex is located about 100km east of the country's capital city, Baku, and has a water depth of approx. 175m. ACG Field consists of 3 oil fields, Azeri, Chirag, and Gunashli.
In addition to ITOCHU Oil Exploration, parties holding a stake in the field are the operator BP with 37.4%, Chevron (11.3%), the State Oil Company of Azerbaijan Republic (SOCAR) (10.0%), INPEX Corporation (11.0%), Statoil Hydro (8.6%), ExxonMobil (8.0%), TPAO (6.8%), and Hess (2.7%).

2. BTC Pipeline

Map of ACG Field (Pipeline route)

This crude oil pipeline stretches 1,768km in length from Baku in Azerbaijan to Ceyhan, Turkey on the coast of the Mediterranean Sea by way of Tbilisi, Georgia and can handle 1.2 million barrels of oil per day. The first shipment of crude oil from Ceyhan began in June 2006. ITOCHU, through its subsidiary ITOCHU Oil Exploration (BTC) Inc., has a 3.4% invested share in BTC Co., the company that builds and operates the pipeline, for the purpose of ensuring a route to carry the crude oil produced at ACG.

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