Baku, Azerbaijan, Aug.1
By Leman Zeynalova – Trend:
In the first half of 2019, BP spent more than $272 million in operating expenditure and over $657 million in capital expenditure on activities on Azeri-Chirag-Gunashli (ACG) block of oil and gas fields in the Azerbaijani sector of the Caspian Sea, reads a report released by BP.
In the first half of 2018, the company spent about $236 million in operating expenditure and $552 million in capital expenditure on ACG activities, Trend reports.
BP Exploration (Caspian Sea) Limited is the operator on behalf of the Contractor Parties to the ACG Production Sharing Agreement.
In April 2019, the ACG partnership took a decision to commence the next stage of development of the ACG field with a $6 billion project which includes a new offshore platform and facilities designed to process up to 100,000 barrels of oil per day. The project is expected to achieve first production in 2023 and produce incremental up to 300 million barrels of oil over its lifetime.
The project has already started construction activities (started in July) and will continue to ramp up these activities through the second half of the year.
ACG participating interests are: BP (30.37 percent), SOCAR (25.0 per cent), Chevron (9.57 percent), INPEX (9.31 percent), Equinor (7.27 percent), ExxonMobil (6.79 percent), TPAO (5.73 percent), ITOCHU (3.65 percent), ONGC Videsh Limited (OVL) (2.31 percent).
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