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Capital expenditures for ACG project reach USD 45 billion

17 September 2024 11:32 (UTC +04:00)

In the second quarter of 2024, the total capital expenditures for the development of the Azeri-Chirag-Gunashli (ACG) fields block in the Azerbaijani sector of the Caspian Sea reached USD 45 billion, bp, the operator of the project, told APA.

Since the launch of the ACG project in 1994 up until the end of the second quarter of 2024, bp and its partners have spent approximately USD 111 million on social projects in Azerbaijan.

It was noted that since the start of production in November 1997 and up to the end of the second quarter of 2024, the ACG fields have produced 593 million tons (approximately 4.4 billion barrels) of oil.

More than 4.3 billion barrels of ACG oil have been transported to global markets through the Baku-Tbilisi-Ceyhan pipeline. Since 2006, 5,707 tankers loaded with ACG oil have departed from the Ceyhan terminal.

Since the start of production until the end of the second quarter of 2024, approximately 57 billion cubic meters of ACG-associated gas have been delivered to Azerbaijan.

Recall that 30 years ago, on September 20, 1994, an agreement on sharing Azeri-Chirag-Guneshli production was signed between the government of Azerbaijan and a group of international oil companies representing eight countries. This agreement later became known as the "contract of the century". On September 14, 2017, the ACG agreement was extended until the end of 2049.

Following the contract extension, on April 19, 2019, a new $6 billion project, the Azeri-Central-East (ACE) project, was sanctioned as the next step in ACG development. On April 16, 2024, the first oil was obtained from the ACE platform.