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MOL Group’s capex on Azeri-Chirag-Gunashli block for FY 2020

Oil&Gas Materials 19 February 2021 11:48
MOL Group’s capex on Azeri-Chirag-Gunashli block for FY 2020

BAKU, Azerbaijan, Feb.19

By Leman Zeynalova – Trend:

Hungarian MOL Group’s capital expenditure on development of Azeri-Chirag-Gunashli block of oil and gas field offshore Azerbaijan stood at $117.2 million in the financial year 2020, Trend reports with reference to the company.

The company capex on ACG development amounted to $34.8 million in Q2, $42.5 million in Q3 and $39.8 million in Q4 2020.

Other expenditures of MOL Group on ACG were equal to $0.8 million in FY 2020, $0.2 million in Q2, $0.3 million in Q3 and $0.3 million in Q4 2020.

Total expenditures of the Hungarian company on Azeri-Chirag-Gunashli stood at $118 million in FY 2020, $35 million in Q2, $42.8 million in Q3 and $40.1 million in Q4 2020.

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

ACG participating interests are: bp (30.37%), SOCAR (25.0%), MOL (replaced Chevron as of 16 April 2020 (9.57%), INPEX (9.31%), Equinor (7.27%), ExxonMobil (6.79%), TPAO (5.73%), ITOCHU (3.65%), ONGC Videsh Limited (OVL) (2.31%).

BP data shows that total ACG production for the full year of 2020 was on average about 477,000 barrels per day (b/d) (about 175 million barrels or 23.6 million tonnes in total) from the Chirag (34,900 b/d), Central Azeri (113,200 b/d), West Azeri (118,900 b/d), East Azeri (64,200 b/d), Deepwater Gunashli (95,400 b/d) and West Chirag (50,400 b/d) platforms.

In 2021, the level of production at ACG is forecasted at 487,000 barrels per day.

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