bp increases operating and capital expenditures on BTC

In the first three quarters of 2023, BTC Co. spent about $86 million in operating expenditure and $25 million in capital expenditure, according to the business update issued by bp Exploration (Caspian Sea) Limited on the results of the third quarter of 2023, Report informs.

During the three quarters of this year, the volume of operating expenditure for BTC increased by $12 million, or 16.2%, compared to the same period last year, while capital expenditure rose by $8 million, or 47.06%.

The BTC pipeline currently carries mainly ACG crude oil and Shah Deniz condensate from Azerbaijan. In addition, other volumes of Caspian regional crude oil and condensate (Kazakhstan and Turkmenistan) continue to be transported via BTC.

The Baku-Tbilisi-Ceyhan Pipeline Company (BTC Co.) shareholders are: bp (30.10%), SOCAR (25.00%), MOL (8.90%), Equinor (8.71%), TPAO (6.53%), Eni (5.00%), TotalEnergies (5.00%), ITOCHU (3.40%), INPEX (2.50%), ExxonMobil (2.50%), and ONGCVidesh (2.36%).