BAKU, Azerbaijan, May 12
By Leman Zeynalova – Trend:
In the first quarter of 2020, BP spent about $150 million in operating expenditure and $522 million in capital expenditure on Azeri-Chirag-Gunashli (ACG) activities, Trend reports citing BP Azerbaijan.
BP Exploration (Caspian Sea) Limited is the operator on behalf of the Contractor Parties to the ACG Production Sharing Agreement.
This is while in the first quarter of 2019, BP spent about $138 million in operating expenditure and $279 million in capital expenditure on ACG activities.
“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 up to 300 million barrels of oil over its lifetime,” reads the report.
ACG participating interests are: BP (30.37 percent), SOCAR (25 percent), MOL (replaced Chevron as of 16 April 2020 (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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