BAKU, Azerbaijan, May 17. 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 $32 million in the first quarter of 2024, as compared to $33 million in the same period in 2023, Trend reports with reference to the company.
As such, the company’s capex on ACG development dropped by more than 3 percent year-on-year.
Other expenditures of the company on the block equaled to $0.8 million in 1Q2024, remaining unchanged from 1Q2023.
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%).
bp data shows that during the first quarter, ACG continued to safely and reliably deliver stable production. Total ACG production for the quarter was on average about 339,000 barrels per day (b/d) (about 31 million barrels or 4 million tonnes in total) from the Chirag (21,000 b/d), Central Azeri (92,000 b/d), West Azeri (79,000 b/d), East Azeri (53,000 b/d), Deepwater Gunashli (63,000 b/d) and West Chirag (31,000 b/d) platforms.
At the end of the quarter, 139 oil wells were producing, while 43 were used for water and eight for gas injection.
In the first quarter of 2024, ACG completed three oil producer and one water injector wells.
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