Baku. 20 November. REPORT.AZ/ During January-September 2017,Azerbaijan International Operating Company (AIOC) spent $ 1.229 billion in the development of the Azeri-Chirag-Gunashli (ACG) field block in the Azerbaijani sector of the Caspian Sea.
Report informs referring to the report of BP-Azerbaijan, more than $339 million spent in operating expenditure and about $890 million in capital expenditure on ACG activities.
During the first 9 months of this year, the expenditure on the ACG project was 18% lower compared to the same period last year.
Notably, the Production Sharing Agreement (PSA) signed on September 20. In February 1995, Azerbaijan International Operating Company (AIOC) was established.
On 14 September 2017 the Azerbaijan Government and SOCAR, together with the international co-venturers signed the amended and restated ACG PSA. The contract was ratified by the Parliament (Milli Majlis) of the Republic of Azerbaijan on 31 October.
ACG participating interests are: Participants in the project are the companies BP (30,37%- operator), SOCAR(25%), Chevron (9,57%), Inpex (9,31%), Statoil (7,27%), ExxonMobil (6,79%), TPAO (5,73%), Itochu (3,65%), ONGC Videsh Ltd. (2.31%).