Some eight million tonnes of oil produced at Azerbaijan’s ACG block in Q1

Baku, Azerbaijan, May 15

By Emil Ismayilov - Trend:

Around eight million tonnes of oil (58 million barrels) were produced at Azerbaijan's Azeri-Chirag-Guneshli (ACG) oil and gas fields' block by Great Britain's BP company and its partners in the first quarter of 2014, according to BP's report on the results of its activity in the first quarter of 2014.

The average daily oil production at the ACG block of fields amounted to 645,800 barrels in the first quarter.

Some 8.09 million tonnes of oil was produced in Jan.-March, 2013.

Around 32.2 million tonnes of oil (239 million barrels) were produced at the ACG in 2013, compared to 32.9 million tonnes in 2012.

The volume of operating costs under the project amounted to $216 million, while the capital expenditures stood at $692 million in January-March.

The volume of capital expenditures under the project will amount to nearly $2.07 billion, while the operating costs will stand at $1.05 billion, according to the forecasts for 2014.

The contract for the development of the ACG large offshore field was signed in 1994. The oil reserves of the block are estimated at nearly one billion tonnes.

Shares in the contract for development of the Azeri-Chirag-Guneshli block of fields is distributed as follows: BP (operator at Azeri-Chirag-Guneshli) - 35.78 percent, Chevron - 11.27 percent, Inpex - 10.96 percent, AzACG - 11.65 percent, Statoil - 8.56 percent, Exxon - 8 percent, TPAO - 6.75 percent, Itochu - 4.3 percent and ONGC - 2.72 percent.

Edited by C.N.