ACG operating and capital expenditures fall

In the first three quarters of 2022, Azerbaijan International Operating Company spent more than $337 million in operating expenditure and over $1.204 billion in capital expenditure on Azeri-Chirag-Deepwater Gunashli (ACG) activities, Report informs, citing BP-Azerbaijan.

These figures are, respectively, $61 million or 15.3% and $39 million or 3.14% less than the previous year.

ACG is the largest oil field block in Azerbaijan. The first production-sharing agreement for the development of the field block was signed on September 20, 1994. On September 14, 2017, a new treaty was inked on the joint exploitation of these fields and production sharing. The agreement provides for the development of the fields by the end of 2049.

ACG participating interests are bp (30.37%), SOCAR (25.0%), MOL (9.57%), INPEX (9.31%), Equinor (7.27%), ExxonMobil (6.79%), TPAO (5.73%), ITOCHU (3.65%), ONGCVidesh (2.31%).