$ 831 mln spent on ACG project this year

Baku. 17 August. REPORT.AZ/ In the first half of 2017, Azerbaijan International Operating Company (AIOC) spent $ 831 mln. on Azeri-Chirag-Guneshli "(ACG) field development project activities.

Report informs referring to the field operator BP-Azerbaijan, $230 million were spent in operating expenditure and about $601 million in capital expenditure.

In the quarter I of 2017, operating expenses in ACG decreased by 11,5% compared to same period in 2016, while the volume of capital expenditure decreased by 27%.

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%).