Baku, Fineko/abc.az. In the third quarter of 2009 Azerbaijan International Operating Company (AIOC), a consortium led by BP Azerbaijan, reduced capital expenditures on contract offshore oilfield block Azeri-Chirag-Gunashli (ACG) in Azerbaijani sector of the Caspian Sea and increased operating expenditures.

BP Azerbaijan reports that during the first 3 quarters of 2009 ACG spent about $540 million in operating expenditure ($175 million in the 1st quarter, $173.3 million in the 2nd one, and $191.7 million in the 3rd quarter).

“Capital expenditure for January-September of the year totaled $723 million ($243 million, $245 million, and $235 million respectively),” it was informed.

In 2009, AIOC plans to reduce capital expenditure by 13.6% against their factual volume in 2008 with increase by 30.1% of operating expenditure.

During 2008 ACG spent $645 million in operating expenditure and $1.897 bn in capital expenditure. In 2009 we expect to spend about $ 839 million in operating expenditure and $1.639 bn in capital expenditure on ACG activities,” it was reported. Operating expenditure for 2008 was planned at the level of $611 million and capital expenditure $1.926 bn.

ACG participating interests are: BP (operator – 34.1%), Chevron (10.2%), SOCAR (10%), INPEX (10%), StatoilHydro (8.6%), ExxonMobil (8%), TPAO (6.8%), Devon (5.6%), ITOCHU (3.9%), Hess (2.7%).

The Agreement on exploration and development of Azeri-Chirag-Gunashli oilfield block was signed on 24 September 1994. Production of first oil was started in 1997.

19.11.2009 17:21