Operating expenses for ACG development increased

In 2021, operating expenses for the development of the Azeri-Chirag-Deepwater Gunashli (ACG) field amounted to $533 million, Report informs referring to the block operator – BP Azerbaijan.

Compared to the same period last year, this figure increased by $2 million or 0.38%.

Capital expenditures were $1.66 billion, down $157 million or 8.64% from 2020.

ACG is the largest oil field in Azerbaijan. The first contract for the block of fields was signed on September 20, 1994. On September 14, 2017, an updated production sharing agreement was signed, which provides for the development of fields until the end of 2049.

The share distribution of ACG shareholders is as follows: BP (30.37%), SOCAR (25%), MOL Group (9.57%, instead of Chevron since April 16, 2020), INPEX (9.31%), Equinor (7.27%), ExxonMobil (6.79%), TPAO (5.73%), ITOCHU (3.65%), ONGC Videsh Limited (OVL) (2.31%).