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BP report on Q1 oil output in Azerbaijan

Oil&Gas Materials 24 May 2016 15:16
Azerbaijan produced eight million tons of oil in the first quarter of 2016.
BP report on Q1 oil output in Azerbaijan

Baku, Azerbaijan, May 24

By Aygun Badalova - Trend:

Azerbaijan produced eight million tons of oil in the first quarter of 2016, said BP Azerbaijan in a Q1 2016 report.

BP Azerbaijan is an operator of Azerbaijan's Azeri-Chirag-Gunashli (ACG) block of oil and gas fields, where the Azeri Light oil is being produced.

The daily oil output was 651,000 barrels during the reporting period.

Azerbaijan produced 31.3 million tons of Azeri Light oil in 2015 versus 31.5 million tons in 2014.
Operating expenses within the project totaled $137 million in the first quarter of 2016, while the capital expenditures were $396 million.

The contract for development of the ACG block of fields was signed in 1994. The proven oil reserve of the block nears one billion tons.

The shareholders of the project are: BP - 35.78 percent, Chevron - 11.27 percent, Inpex - 10.96 percent, AzACG - 11.65 percent, Statoil - 8.55 percent, Exxon - 8 percent, TPAO - 6.75 percent, Itochu - 4.3 percent and ONGC - 2.72 percent.

Edited by EA

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Follow the author on Twitter: @AygunBadalova

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