BP: Oil production at ACG decreased last year

BP: Oil production at ACG decreased last year

BP reported a decline in oil production at the Azeri-Chirag-Gunashli (ACG) block in the Azerbaijani sector of the Caspian Sea last year, according to a statement released  on February 12.

In 2023, the total volume of oil production from the ACG block amounted to approximately 133 million barrels or 18 million tons, marking a significant decrease from the 152 million barrels (20 million tons) produced in 2022, reflecting a 12.5% decline.

The report published by BP Exploration (Caspian Sea) Limited, the operator of the project, outlined that the average daily production from ACG for the year stood at 363 thousand barrels. This included contributions of 23 thousand barrels from the Chirag platform, 96 thousand barrels from Central Azeri, 86 thousand barrels from Western Azeri, 58 thousand barrels from Eastern Azeri, 67 thousand barrels from Deepwater Guneshli, and 33 thousand barrels from Western Chirag. The operation comprised 137 oil-producing, 45 water injection, and 8 gas injection wells by the end of the year.

The shareholders of the ACG project reported operating expenses of $504 million and capital expenditures of $1.518 billion.

According to the report, the ACG project was 97% completed by the end of the year, with all necessary preparations for production at ACG scheduled to commence at the beginning of this year.

Furthermore, during 2023, a total of 2 billion cubic meters of natural gas (averaging 5.5 million cubic meters per day) were transferred from ACG to the gas distribution network of Azerbaijan.

The shareholders of the ACG project include bp (30.37%), SOCAR (25.0%), MOL (9.57%), INPEKS (9.31%), Ekvinor (7.27%), ExxonMobil (6.79%), TPAO (5.73%), ITOCHU (3.65%), and ONGC Videsh (2.31%).

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