$ 362 mln spent on ACG project in Q1

Baku. 17 May. REPORT.AZ/ In the first quarter of 2018, about $ 102 million were spent in operating expenditure and $ 260 million in capital expenditure on ACG activities ($ 362 mln. in total).

Report informs referring to the Q1 results of BP-Azerbaijan.

In the first quarter of 2018, we spent about $ 102 million in operating expenditure and $260 million in capital expenditure on ACG activities.

In the first quarter of 2008, ACG's operating expenses decreased by 8% and capital expenditures by 14%.

Notably, the Production Sharing Agreement (PSA) signed on September 20, 1994 in Baku by the Government of Azerbaijan and a consortium of 11 foreign oil companies. In February 1995, Azerbaijan International Operating Company (AIOC) was established. AIOC controls field block on behalf of BP.

Amended and restated agreement was signed on September 14, 2017, on joint development of the ACG block and production sharing. The agreement was ratified by Azerbaijani parliament on October 31. The new agreement envisages the development of the field by 2050.

ACG participating interests are: BP (30.37 per cent), SOCAR (25.0 per cent), Chevron (9.57 per cent), INPEX (9.31 per cent), Statoil (7.27 per cent), ExxonMobil (6.79 per cent), TPAO (5.73 per cent), ITOCHU (3.65 per cent), ONGC Videsh Limited (OVL) (2.31 per cent).