BP and its partners spent approximately $564 million in operating expenditures and nearly $1.3 billion in capital expenditures in 2025 on activities at the Azeri-Chirag-Deepwater Gunashli (ACG) oil fields located in the Azerbaijani sector of the Caspian Sea, Report informs, citing BP-Azerbaijan, the operator of the block.
According to the company's business update on the 2025 results issued on behalf of the co-venturers, total spending on ACG operations reflects continued investment in the development of Azerbaijan's largest oil field block.
In 2024, operating expenditures for ACG amounted to approximately $535 million, while capital expenditures totaled about $1.29 billion.
ACG is the largest oil field block in Azerbaijan. The first production sharing agreement for the development of the block was signed on September 20, 1994. A new agreement on the joint development and production sharing of the fields was signed on September 14, 2017, extending development of the block until the end of 2049.
The current stakeholders in ACG are BP (30.37%), SOCAR (31.65%), MOL Group (9.57%), INPEX (9.31%), ExxonMobil (6.79%), TPAO (5.73%), ITOCHU (3.65%), and ONGC Videsh Limited (OVL) (2.92%).