Baku, Azerbaijan, May 10
By Maksim Tsurkov – Trend:
Azerbaijan produced over 7 million tons of light oil in the first quarter of 2017 as compared to 8 million tons in January - March 2016, BP Azerbaijan said May 10 in a report on its activity in Azerbaijan for January - March 2017.
BP Azerbaijan operates the development of the Azeri-Chirag-Gunashli (ACG) block of oil and gas fields, where the Azeri Light oil is produced.
The report says that total ACG production for the first quarter of 2017 was on average 581,000 barrels per day, including 55,000 barrels from the Chirag platform, 124,000 barrels from the Central Azeri, 112,000 barrels from the West Azeri, 75,000 barrels from East Azeri, 121,000 barrels from the Deepwater Gunashli and 94,000 barrels from the West Chirag platforms.
Azerbaijan produced over 31.1 million tons of Azeri Light oil in 2016, as compared to 31.3 million tons in 2015.
Operating expenditures on the project totaled $111 million, while capital expenditures were around $304 million in the first quarter of 2017.
A contract for development of ACG block of oil and gas fields was signed in 1994. The proven oil reserves of the block near one billion tons.
The shareholders in the project are BP (operator of the Azeri-Chirag-Gunashli, 35.8 percent), Chevron (11.3 percent), Inpex (11 percent), AzACG (11.6 percent), Statoil (8.55 percent), Exxon (8 percent), TPAO (6.75 percent), Itochu (4.3 percent) and ONGC (2.7 percent).
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