$ 415 mln spent on ACG project in Q 1

Baku. 10 May. REPORT.AZ/ In the quarter I of 2017, Azerbaijan International Operating Company (AIOC) has spent $ 415 mln on Azeri-Chirag-Guneshli "(ACG) field development project activities.

Report informs, referring to the field operator "BP-Azerbaijan”, $111 million were spent in operating expenditure and about $304 million in capital expenditure.

In the quarter I of 2017, operating expenses in ACG decreased by 19% compared to same period in 2016, while the volume of capital expenditure decreased by 23%.

Notably, the Production Sharing Agreement (PSA) signed on September 20, 1994 in Baku. The Azerbaijan International Operating Company (AIOC) was established in February, 1995. The AIOC controls field block on behalf of BP.

Participants in the project are the companies BP (35,8% - operator),SOCAR (11,6%), Chevron (11,3%), Inpex (11%), Statoil (8,6%), ExxonMobil (8%), TPAO (6,8%), Itochu (4,3%), ONGC Videsh Ltd. (OVL) - (2.7%).