BAKU, Azerbaijan, May 10. In the first quarter of 2024, bp and its co-venturers spent about $115 million in operating expenditure and $347 million in capital expenditure on Azeri-Chirag-Gunashli (ACG) activities, Trend reports via bp.
This is while in the first quarter of 2023, about $115 million was spent in operating expenditure and $372 million in capital expenditure on ACG activities.
As such, the operating expenditure remained unchanged, while the capital expenditure dropped by 6.7 percent year-on-year.
In January, a new 4-dimensional (4D) high-definition ocean bottom node seismic programme was commenced on ACG. The programme, which will focus on the Balakhany and Fasila reservoirs, covers an area of 740 square kilometres under source and 507 square kilometres under receivers, with a total cost of around $370 million and a duration of five years (2024-2028). This is the largest-ever seismic acquisition commitment made by bp globally by all its aspects – area size, cost and programme duration.
In the first quarter, the Azeri Central East (ACE) project made a tremendous progress towards achievement of its main objective – delivery of first oil.
During the quarter the onshore control functionality of the ACE platform was enabled making the facility the first bp-operated offshore platform fully controlled from onshore. The project also completed all required pre-start up activities including the drilling of the first production well spudded in December 2023. The well reached its total depth of 3,150 metres in March and on 16 April, following the completion of all preparations, the project safely delivered first oil from ACE.
The ACE platform is technologically and digitally the most advanced bp-operated platform in the world. Its innovative engineering allows automation of labour-intensive processes, enabling safer and more efficient operations. The platform has a state-of-the-art fully automated drilling rig. The use of modern technology and new processes also helps lower operational emissions.
BP Exploration (Caspian Sea) Limited is the operator on behalf of the Contractor Parties to the ACG Production Sharing Agreement.
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%).
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