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Azeri-Chirag-Gunashli produced about 118.8 million barrels of oil in first half of 2014

15 August 2014 07:40 (UTC +04:00)

Baku. Aqshin Rafigoghlu - APA-Economics. During the first half of 2014, ACG marked a major milestone by starting production from the Chirag Oil Project (COP).

BP-Azerbaijan told APA-Economics that the First Oil from the West Chirag platform was achieved on 28 January from one of the pre-drilled wells. Since that time West Chirag production has been increasing to its current level of over 50,000 barrels per day from four wells. Production will continue to increase through 2014 as the other pre-drilled wells are brought on-line.

Total ACG production during the first half was on average 656,100 barrels per day (b/d) (118.8 million barrels or approximately 16 million tonnes in total) from the Chirag, Central Azeri, West Azeri, East Azeri, Deepwater Gunashli and West Chirag platforms.

At the end of the first half of 2014, a total of 81 oil wells were producing, while 36 wells were used for injection in the ACG field.

During the first half of 2014 ACG spent approximately $479 million in operating expenditure and $1,231 million in capital expenditure on ACG activities. For the full year, it is planned to spend approximately $1,052 million in operating expenditure and $2,068 million in capital expenditure.

ACG participating interests are: BP (operator – 35.8 per cent), SOCAR (11.6 per cent), Chevron (11.3 per cent), INPEX (11 per cent), Statoil (8.6 per cent), ExxonMobil (8 per cent), TPAO (6.8 per cent), ITOCHU (4.3 per cent), ONGC Videsh Limited (OVL) (2.7 per cent).