Oil giant BP said on Thursday $978 millions were spent on Azerbaijan's Azeri-Chirag-Gunashli (ACG) oil and gas deposit's operations in the first half of 2023
MOSCOW (Pakistan Point News / Sputnik - 03rd August, 2023) Oil giant BP said on Thursday $978 millions were spent on Azerbaijan's Azeri-Chirag-Gunashli (ACG) oil and gas deposit's operations in the first half of 2023.
"In the first half of 2023, bp and its co-venturers spent about $232 million in operating expenditure and $746 million in capital expenditure on ACG activities," BP said in a statement.
A significant of the costs may be attributed to various work on production and installation of extraction facilities at the deposit, the statement indicated.
The ACG field produced the total of 1.1 billion cubic meters of gas during this period, according to the statement. The ACG oil production amounted to about 375,000 barrels per day on average, which is roughly 68 million barrels in total since January 1.
The first contract for the exploration of the ACG deposit was signed between the Azerbaijani government and an international consortium in 1994. It was extended until 2050 in September 2017. The companies participating in the project are BP, the operator with a 30.37% share, Azerbaijan's state run company SOCAR with 25.0%, MOL with 9.57%, Inpex with 9.31%, Equinor with 7.27%, ExxonMobil with 6.79%, TPAO with 5.73%, Itochu with 3.65%, and ONGCVidesh with 2.31%.
