ACG's capital expenditures increased by 23%

In 2020, about $ 531 million in operating costs was spent on the Azeri-Chirag and Deepwater Gunashli (ACG) block of fields in the Azerbaijani sector of the Caspian Sea.

Report informs referring to the statement issued by the operator of the block, BP-Azerbaijan, together with partners on the results of 2020.
Operating costs on ACG were $ 36 million or 6.35% less compared to 2019. In 2020, more than $ 1.817 billion was spent on the block, which is $ 341 million or 23.1% more than in the same period of 2019.

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

The shareholders in ACG are BP (30.37%), SOCAR (25%), MOL Group (9.57% replaced Chevron as of April 16, 2020), INPEX (9.31%), Equinor (7.27%), ExxonMobil (6.79%), TPAO (5.73%), ITOCHU (3.65%), ONGC Videsh Limited (OVL) (2.31%).