BP: Capex on ACG development over 30 years at $45B

As of the end of the second quarter of 2024, capital expenditures on the Azeri-Chirag-Guneshli (ACG) project in the Azerbaijani sector of the Caspian Sea amounted to $45 billion, Report informs referring to BP-Azerbaijan, the operator of the field.

Since the start of production at ACG in November 1997 and as of the end of 2024, the block produced 593 million tons (about 4.4 billion barrels) of oil.

More than 4.3 billion barrels of ACG oil have been delivered to world markets via the Baku-Tbilisi-Ceyhan pipeline. Since 2006, a total of 5,707 tankers with oil produced at ACG have been sent from the Ceyhan terminal.

Since the start of production and by the end of the second quarter of this year, Azerbaijan has received about 57 billion cubic meters of associated gas produced at ACG free of charge.

Since the start of the ACG project in 1994, BP and its partners have allocated about $111 million to implement social projects in Azerbaijan.

After the contract extension, on April 19, 2019, its participants decided to implement a new project - the construction of the Central-East Azeri (CEA) platform worth $6 billion, which is the next step in the development of ACG.

On April 16, 2024, the first oil was obtained from this platform. At the end of the second quarter of 2024, 144 production wells, 45 water injection wells and 8 gas injection wells were in operation at ACG.