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BP stated that a new platform for production would be commissioned by 2020. The contract, which is valid until 2049, is yet to be ratified by the Azerbaijan parliament. The signed agreement will supersede the ACG-PSC agreement signed in 1994 by Heydar Aliyev, the Azeri President at that time and father of current President Ilham Aliyev. At the time of signing the first agreement, oil reserves in the ACG field were estimated to be about 511 million tons.