BAKU, Azerbaijan, February 21. Hungarian MOL Group’s capital expenditure (capex) on development of Azeri-Chirag-Gunashli (ACG) block of oil fields in the Azerbaijani section of the Caspian Sea stood at $114.7 million in the fiscal year of 2024, as compared to $138.7 million in FY 2023, Trend reports with reference to the company.
As such, the company’s capex on ACG development dropped by 17.3 percent year-on-year.
Other expenditures of the company on the block equaled to $3.8 million in FY 2024, as compared to $3.7 million in FY2023.
Total ACG production for the full year was on average about 342,000 barrels per day (b/d) (about 125 million barrels or 16 million tonnes in total) from the Chirag (23,000 b/d), Central Azeri (97,000 b/d), West Azeri (75,000 b/d), East Azeri (51,000 b/d), Deepwater Gunashli (57,000 b/d), West Chirag (29,000 b/d) and ACE (10,000 b/d) platforms.
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 (31.65%), MOL (9.57%), INPEX (9.31%), ExxonMobil (6.79%), TPAO (5.73%), ITOCHU (3.65%), ONGC Videsh (2.92%).
Follow the author on X: @Lyaman_Zeyn