BAKU, Azerbaijan, August 1. In the first half of 2024, bp and its co-venturers spent about $243 million in operating expenditure and more than $698 million in capital expenditure on Azeri-Chirag-Gunashli (ACG) activities, as compared to $232 million in operating expenditure and $746 million in capital expenditure in 1H 2023, Trend reports via bp.
As such, the opex on ACG rose by 4.7 percent, while the capex dropped by 6.4 percent year-on-year.
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%).
In mid-April oil production started-up from the new ACE platform which is the seventh offshore platform installed on the giant ACG field in the Caspian Sea.
Initial production from ACE came from the first well that was initiated from the platform at the end of last year. Currently production from ACE is around 8,000 barrels per day from one well. It is expected that ACE production will increase through 2024 to around 24,000bpd as two more planned wells are drilled, completed and brought online.
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.
The safe start-up of ACE delivers on the first major investment decision made by the ACG partnership since the signing of the extended ACG production sharing agreement in 2017.
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