$362 million invested in Contract of Century in Q1 of 2018


May 17, Fineko/abc.az. About 54 million barrels or 7 million tons of oil in total were produced from Azeri-Chirag-Gunashli oilfield block for Jan-Mar 2018.

BP-Azerbaijan, the ACG oilfield block operator, informs that in Q1 of 2018 total ACG production was on average 597,000 barrels per day (b/d) (about 54 million barrels or 7 million tonnes in total) from the Chirag (53,000 b/d), Central Azeri (156,000 b/d), West Azeri (123,000 b/d), East Azeri (94,000 b/d), Deepwater Gunashli (109,000 b/d) and West Chirag (62,000 b/d) platforms.

“At the end of the quarter, 118 oil wells were producing, while 52 wells were used for gas and water injection. ACG completed 5 oil producer wells in the first quarter of 2018,” it was reported.

In Q1 of 2018 it was spent about $102 million in operating expenditure and $260 million in capital expenditure on ACG activities.

The Agreement on joint development and sharing production from ACG oilfield block (Contract of Century) was signed in Baku on 20 September 1994. On 14 September 2017 a new agreement was signed on joint development and share production.

In compliance with the new agreement ACG participating interests are as follows: BP (30.37%), SOCAR (25%), Chevron (9.57%), INPEX (9.31%), Statoil (7.27%), ExxonMobil (6.79%), TPAO (5.73%), ITOCHU (3.65%), ONGC Videsh Limited (OVL) (2.31%).