BP reveals oil production volume at ACG in Q1

Total ACG production was on average 661,000 barrels per day (59 million barrels or 8 million metric tons in total) in Q1 of 2015, BP said in its report on the results of activities in Azerbaijan in Q1.

BP and its partners produced 31.5 million metric tons of oil (233 million barrels) at Azeri-Chirag-Guneshli block of oil and gas fields in 2014, compared to 32.2 million metric tons (239 million barrels) in 2013.

The operating and capital expenditures within the project amounted to $160 million and $470 million, respectively, in Jan.-March.

The volume of capital expenditures within the project will exceed $1.99 billion, while the operating expenditures will stand at $978.7 million in 2015, according to the forecasts.

The contract for development of ACG field was signed in 1994. The proven oil reserve of the block nears 1 billion metric tons.

The shareholders of the project are: BP (operator in the Azeri-Chirag-Guneshli) – 35.78 percent, Chevron – 11.27 percent, Inpex – 10.96 percent, AzACG – 11.65 percent, Statoil – 8.56 percent, Exxon – 8 percent, TPAO – 6.75 percent, Itocu – 4.3 percent and ONGC – 2.72 percent.

SOURCE: Azer News