...

Oil exports via Baku-Tbilisi-Ceyhan down

Oil&Gas Materials 5 November 2019 14:53

BAKU, Azerbaijan, Nov.5

By Leman Zeynalova – Trend:

In the first three quarters, Baku-Tbilisi-Ceyhan (BTC) spent approximately $95 million in operating expenditure and about $25 million in capital expenditure, Trend reports with reference to BP.

Since the 1,768 km BTC pipeline became operational in June 2006 till the end of the third quarter of 2019, it carried a total of 3.3 billion barrels (around 440 million tonnes) of crude oil loaded on 4,307 tankers and sent to world markets, BP said in its report on the third quarter of 2019.

During the three quarters of the year, BTC exported more than 177 million barrels (about 24 million tonnes) of crude oil loaded on 222 tankers at Ceyhan, reads the report.

The BTC pipeline currently carries mainly ACG crude oil and Shah Deniz condensate from Azerbaijan. In addition, other volumes of crude oil and condensate continue to be transported via BTC, including volumes from Turkmenistan, Russia and Kazakhstan.

In the first three quarters of 2018, BTC spent approximately $87 million in operating expenditure and about $21 million in capital expenditure. During that period, BTC exported about 189 million barrels (more than 25 million tonnes) of crude oil loaded on 243 tankers at Ceyhan.

The BTC Co. shareholders are: BP (30.1 percent); AzBTC (25.00 percent); Chevron (8.90 percent); Equinor (8.71 percent); TPAO (6.53 per cent); Eni (5.00 percent); Total (5.00 percent), ITOCHU (3.40 percent); INPEX (2.50 percent), ExxonMobil (2.50 percent) and ONGC (BTC) Limited (2.36 percent).

Hungarian MOL Group has signed an agreement with Chevron Global Ventures Ltd and Chevron BTC Pipeline, Ltd to acquire their non-operated E&P and mid-stream interests in Azerbaijan, including a 9.57 percent stake in the Azeri-Chirag-Gunashli (ACG) oil field, and an effective 8.9 percent stake in the Baku-Tbilisi-Ceyhan (BTC) pipeline that transports the crude to the Mediterranean port of Ceyhan, for total consideration of USD 1.57 billion (subject to adjustments at closing).

The transaction remains subject to government and regulatory approvals and is expected to close by Q2, 2020.

---

Follow the author on Twitter: @Lyaman_Zeyn

Tags:
Latest

Latest