BAKU, Azerbaijan, February 20. Hungarian MOL Group’s capital expenditure (capex) on development of Azeri-Chirag-Gunashli (ACG) block of oil fields in the Azerbaijani section of the Caspian Sea stood at $38 million in the fourth quarter of 2023, as compared to $39.3 million in the same period in 2022, Trend reports with reference to the company.
As such, the company’s capex on ACG development dropped by almost 3.3 percent year-on-year.
Other expenditures of the company on the block equaled to $1 million in 4Q2023, as compared to $0.9 million in 4Q2022.
In 2023, MOL Group’s capital expenditure on ACG’s development stood at $138.7 million, as compared to $152.5 million in 2022, showing more than 9 percent decrease.
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%).
BP Exploration (Caspian Sea) Limited is the operator on behalf of the Contractor Parties to the ACG Production Sharing Agreement.
In 2023, bp and its co-venturers spent about $504 million in operating expenditure and $1,518 million in capital expenditure on ACG activities.
During the year, ACG continued to safely and reliably deliver stable production. Total ACG production for the full year was on average about 363,000 barrels per day (b/d) (about 133 million barrels or 18 million tonnes in total) from the Chirag (23,000 b/d), Central Azeri (96,000 b/d), West Azeri (86,000 b/d), East Azeri (58,000 b/d), Deepwater Gunashli (67,000 b/d) and West Chirag (33,000 b/d) platforms.
On 12 December, ACG celebrated 1 billion barrels total production achievement from the West Azeri platform.
At the end of the year, 137 oil wells were producing, while 45 were used for water and eight for gas injection.
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