How BP expenditures on Azeri-Chirag-Gunashli changed in 10 years

How BP expenditures on Azeri-Chirag-Gunashli changed in 10 years

BAKU, Azerbaijan, May 19

By Leman Zeynalova – Trend:

BP’s operating expenditure on Azeri-Chirag-Gunashli (ACG) block of oil fields in the Azerbaijani sector of the Caspian Sea from 2010 to 2019 has increased by $141 million with peak observer in 2014 at $1 billion, Trend reports.

BP’s operating expenditure on ACG stood at $426 million in 2010, while capital expenditure stood at $1,648 million.

During 2011, operating expenditure rose significantly to $699 million and capital expenditure reached $1.912 million.

The data for 2012 was not available on BP’s website.

In 2013 BP continued to increase its spending on ACG with $772 million in operating expenditure and $2,833 million in capital expenditure.

In 2014 the company expected to spend $1,052 million in operating expenditure and $2,068 million in capital expenditure on ACG activities. In fact, those figures stood at $1 billion and $2.3 billion, respectively.

The company reduced operating expenditure on ACG to $760 million in 2015, while capital expenditure dropped to $1.9 billion.

BP’s spending on the project continued downward trend in 2016 and 2017. In 2016, BP spent approximately $503 million in operating expenditure and $1.45 billion in capital expenditure on ACG activities. In 2017, the company spent more than $456 million in operating expenditure and about $1.176 billion in capital expenditure on ACG activities.

In 2018, the company’s operating expenditure rose again to $505 million, while capital expenditure continued to decline to stand at $1,150 million.

In 2019, BP spent about $567 million in operating expenditure and $1,476 million in capital expenditure on ACG activities.

ACG participating interests are: BP (30.37 percent), SOCAR (25.0 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).

BP Exploration (Caspian Sea) Limited is the operator on behalf of the Contractor Parties to the ACG Production Sharing Agreement.

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Follow the author on Twitter: @Lyaman_Zeyn

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