BAKU, Azerbaijan, February 20. Hungarian MOL Group’s production from Azeri-Chirag-Gunashli (ACG) block of oil and gas fields in the Azerbaijani sector of the Caspian Sea was 14,100 barrels of oil equivalent per day in the fourth quarter of 2023, as compared to 12,700 barrels of oil equivalent per day in 4Q2022, Trend reports citing MOL Group.
As such, the company’s daily production rose by around 11.02 percent year-on-year.
This is while MOL Group saw a 10.2 percent quarter-on-quarter decrease in ACG output, as it produced 12,800 barrels of oil equivalent per day in 3Q 2023.
Overall, the company produced 55,400 barrels of oil equivalent per day from the block in 2023, as compared to 55,500 barrels of oil equivalent per day in 2022, showing a 0.2 percent decline.
ACG participating interests are: bp (30.37%), SOCAR (25.0%), MOL (9.57%), INPEX (9.31%), Equinor (7.27%), ExxonMobil (6.79%), TPAO (5.73%), ITOCHU (3.65%), ONGCVidesh (2.31%).
BP Exploration (Caspian Sea) Limited is the operator on behalf of the Contractor Parties to the ACG Production Sharing Agreement.
In 2023, bp and its co-venturers spent about $504 million in operating expenditure and $1,518 million in capital expenditure on ACG activities.
During the year, ACG continued to safely and reliably deliver stable production. Total ACG production for the full year was on average about 363,000 barrels per day (b/d) (about 133 million barrels or 18 million tonnes in total) from the Chirag (23,000 b/d), Central Azeri (96,000 b/d), West Azeri (86,000 b/d), East Azeri (58,000 b/d), Deepwater Gunashli (67,000 b/d) and West Chirag (33,000 b/d) platforms.
On 12 December, ACG celebrated 1 billion barrels total production achievement from the West Azeri platform.
At the end of the year, 137 oil wells were producing, while 45 were used for water and eight for gas injection.
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