Baku, Azerbaijan, July 30
By Sara Israfilbayova – Trend:
The operating cash flow of BP amounted to $8.2 billion during the first half of 2019, Trend reports referring to the company.
According to the report, based on the results of the second quarter, oil production amounted to 3.8 million barrels a day during the reporting period, which is 4 percent higher than a year earlier.
BP Azerbaijan has been operating since 1992. Two years later, BP and a consortium of international oil companies signed a major contract with the Azerbaijani government, which was later called the Contract of the Century.
The contract was signed in September 1994 and provides for the development of the Azeri-Chirag-Guneshli (ACG) oil fields.
A new agreement on the development of the ACG block until 2050 was signed in Baku on September 14, 2017.
To date, $36 billion has been invested in the development of ACG fields and 3.5 billion barrels of oil have been produced. It is planned to produce another 3 billion barrels of oil from the block by 2050.
Another major contract for the development of the Shah Deniz offshore gas and condensate field was signed on June 4, 1996.
Proved reserves of the field amount to 1.2 trillion cubic meters of gas and 240 million tons of condensate. More than 100 billion cubic meters of gas have been produced from the Shah Deniz field to date.
BP also has several exploration licenses for offshore areas in Azerbaijan, such as Shafag-Asiman, the shallow waters around the Absheron Peninsula (SWAP) and D-230, as well as the inland Gobustan project.
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