BAKU, Azerbaijan, November 2. In the first three quarters of 2023, bp and its co-venturers spent about $365 million in operating expenditure and $1,109 million in capital expenditure on Azeri-Chirag-Gunashli (ACG) activities, a source at bp told Trend.
As such, allocations on ACG operating expenditure in the reporting period grew by 8.3 percent year-on-year ($337 million in 3Q2022), while capital expenditure decreased by almost 8 percent year-on-year ($1,204 million in 3Q2022).
The company noted that, by the end of the third quarter of the current year, the ACE project had reached 94 percent progress milestone.
"All other start-up activities and preparations required for the delivery of ACE first oil in early 2024 are progressing on schedule," bp added.
BP Exploration (Caspian Sea) Limited is the operator on behalf of the Contractor Parties to the ACG Production Sharing Agreement.
ACG participating interests are: bp (30.37%), SOCAR (25.0%), MOL (9.57%), INPEX (9.31%), Equinor (7.27%), ExxonMobil (6.79%), TPAO (5.73%), ITOCHU (3.65%), ONGCVidesh (2.31%).