BAKU, Azerbaijan, May 12. 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 $19.4 million in the first quarter of 2025, as compared to $32 million in the same period in 2024, Trend reports with reference to the company.
As such, the company’s capex on ACG development dropped by 39.4 percent year-on-year.
Other expenditures of the company on the block equaled to $1.1 million in 1Q2025, as compared to $0.8 million in 1Q2024.
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%).
BP Exploration (Caspian Sea) Limited is the operator on behalf of the Contractor Parties to the ACG Production Sharing Agreement.
The latest data from bp reveals that in the first quarter of 2025, bp and its co-venturers spent about $115 million in operating expenditure and about $251 million in capital expenditure on ACG activities.
This is while in Q1 2024, the operating and capital expenditures stood at $115 million and $347 million, respectively. As such, the opex remained unchanged, while capex dropped by 27.7 percent, year-on-year.
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