Production on Azeri-Chirag-Guneshli decreased by 2.3%

During six months this year BP and partners have extracted 16 million tons or 116 million barrels of oil on the bloc of the Azerbaijani oil and gas fields Azeri-Chirag-Guneshli (ACG), reads the report of BP-Azerbaijan about results of quarter 2, 2015.

Turan reminded that from January to June 2014 118.8 million barrels of oil was extracted on the ACG contract area.

According to the BP report, during this period average daily oil production on the ACG bloc totaled 641,000 barrels, down 15,100 barrels or 2.3% against the same period last year.

In 2015 BP and partners extracted 31.5 million tons (233 million barrels) on the ACG oil and gas fields against 32.2 million tons (239 million barrels) extracted in 2013.

During six months this year the operation costs of the project totaled $359 million, while capital costs - $949 million. According to the forecasts, in 2015 the capital costs of the project will total over $1.99 billion, while the operation costs - $978.9 million.

The contract for the ACG bloc development was signed in 1994. The oil resources of the bloc total about 1 billion tons.

* The project shareholder include  BP (operator) – 35.78%, SOCAR – 11.65%, Chevron – 11.27%, Inpex – 10.96%, Statoil – 8.56%, Exxon – 8%, ТРАО – 6.75%, Itochu – 4.3% and ONGC – 2.72%. –0--