Oil production within Azerbaijan’s largest energy project drops
Baku, Azerbaijan, Feb.19
By Emil Ismayilov - Trend:
British BP company and its partners produced 31.5 million metric tons of oil (233 million barrels) at Azerbaijan's Azeri-Chirag-Guneshli (ACG) block of oil and gas fields in 2014, compared to 32.2 million metric tons (239 million barrels) in 2013, BP said in its report on the results of the operating activity in Azerbaijan in 2014.
The average daily volume of oil production at the ACG block of fields stood at 638,000 barrels during the reporting period, said the BP report.
The average daily volume of oil production at six fields on the new West Chirag platform exceeded 90,000 barrels in 2014, according to the report.
Around 32.2 million metric tons of oil (239 million barrels) was produced at ACG in 2013, compared to 32.9 million metric tons in 2012.
The volume of operating expenditures within the project totaled $1 billion, while the volume of capital expenditures stood at $2.3 billion in 2014.
This is while the forecasted volumes of capital expenditures and operating expenditures within the ACG project for 2014 were nearly $2.07 billion and $1.05 billion, respectively.
The contract for development of ACG field was signed in 1994. The proven oil reserve of the block nears 1 billion metric tons.
The shareholders of the project are: BP (operator in the 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, Itocu - 4.3 percent and ONGC - 2.72 percent.
Edited by SI
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