BAKU, Azerbaijan, November 10. Hungarian energy company MOL Group, a key stakeholder in the Azeri-Chirag-Gunashli oil and gas fields in the Caspian Sea's Azerbaijani sector, has unveiled capital expenditure (capex) plans for the period 2023-2027, Trend reports via the company.
MOL Group intends to allocate 25 percent of its total capex to the ACG project during this timeframe.
The company's overall capex for this period is anticipated to reach approximately $2.2 billion. Of this, 50 percent ($1.1 billion) is earmarked for Central-East Europe, with an equal distribution of 25 percent ($550 million) each for the Azeri-Chirag-Gunashli project and other international initiatives.
In the third quarter of 2023, MOL Group's capex dedicated to the development of Azeri-Chirag-Gunashli amounted to $33.3 million, marking a nearly 14 percent decrease from the $38.7 million reported in the same period of 2022. Additional expenditures related to the block totaled $0.9 million in 3Q2023, compared to $0.8 million in 3Q2022.
In the first three quarters of 2023, bp and its co-venturers spent about $365 million in operating expenditure and $1,109 million in capital expenditure on Azeri-Chirag-Gunashli activities.
As such, allocations on ACG operating expenditure in the reporting period grew by 8.3 percent year-on-year ($337 million in 3Q2022), while capital expenditure decreased by almost 8 percent year-on-year ($1,204 million in 3Q2022).
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 (9.57%), INPEX (9.31%), Equinor (7.27%), ExxonMobil (6.79%), TPAO (5.73%), ITOCHU (3.65%), ONGCVidesh (2.31%).
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