BAKU, Azerbaijan, Apr.20
By Leman Zeynalova – Trend:
Hungarian MOL Group’s revenues from Azeri-Chirag-Gunashli (ACG) stood at 54,201 million HUF in 2020, Trend reports citing the company.
Its loss from operations at ACG amounted to 8,366 million HUF.
MOL Group applies proportional consolidated method in terms of representing MOL Azerbaijan (“ACG”) in the consolidated financial statements and applies the equity method to present significant influence in BTC Pipeline Company according to IFRS 11 Joint Arrangements and IAS 28 Investment in associates and joint ventures, respectively. The measurement period is not closed yet for ACG purchase price allocation as the management is still seeking for more information on facts and circumstances related to certain judgemental areas, which could affect liabilities, the fair value of oil and gas assets, the deferred tax and the goodwill via a retrospective adjustment once measurement period is closed.
MOL Group is one of the shareholders of Azerbaijan's Azeri-Chirag-Gunashli (ACG) project.
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).
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.
BP Exploration (Caspian Sea) Limited is the operator on behalf of the Contractor Parties to the ACG Production Sharing Agreement.
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