BP makes public Q3 results
By Aynur Jafarova
British BP made the results of the third quarter of 2014 public on November 20.
BP operates a number of major oil and gas projects on behalf of its co-ventures in Azerbaijan, Georgia, and Turkey.
The company reported the giant Azeri-Chirag-Gunashli (ACG) block of oil and gas fields in the Azerbaijani sector of the Caspian Sea produced 179 million barrels (24.2 million tons) of oil.
Daily average production in the ACG fields was 655,700 barrels per day (bpd), BP said.
At the end of the third quarter, a total of 77 oil wells were produced, while 36 wells were used for injection in the ACG field.
In the reported period, the project's operational and capital expenditures reached $720 million and $1.741 biillion respectively.
For the full year, it is planned to spend approximately $1.052 billion in operating expenditure and $2.068 billion in capital expenditure.
The report also said BP delivered around 7.3 million cubic meters of ACG associated gas per day to SOCAR in the third quarter of 2014.
ACG also delivered 10 oil producer wells and 3 water injection wells.
The giant Shah Deniz gas condensate field in the Caspian Sea produced 7.25 billion standard cubic meters of gas and 1.72 million tons (13.8 million barrels) of condensate in the third quarter of 2014.
Daily production at the field amounted to about 26.6 million cubic meters of gas and 50,450 bpd of condensate.
“Since the start of Shah Deniz production in late 2006 until the end of the third quarter of 2014, 55.2 bcm (about 1,950 billion standard cubic feet) of Shah Deniz gas, and about 113.3 million barrels (14.2 million tonnes) of Shah Deniz condensate has been produced,” BP said.
The volume of operating expenditures and capital in the reported period was around $371 million and $2.797 billion respectively. For the full year, it is planned to spend around $435 million in operating expenditure and $3,885 million in capital expenditure.
The Baku-Tbilisi-Ceyhan pipeline (BTC) exported 199 million barrels (26.4 million tons) of crude oil in the reported period.
BTC spent $152.4 million in operating expenditure and $84.3 million in capital expenditure. For the full year, BTC operating expenditure is expected to be approximately $230 million and capital expenditure about $119 million.
BTC’s throughput capacity is currently 1.2 million b/d.
The BTC pipeline currently carries mainly ACG oil and Shah Deniz condensate from Azerbaijan. In addition, crude oil from Turkmenistan continues to be transported via BTC.
The daily average throughput of the South Caucasus Pipeline's (SCP) was 17.412 million cubic meters of gas, equivalent to 106,017 barrels of oil, in the third quarter of 2014.
SCP spent $36.5 million in operating expenditure and $599 million in capital expenditure. For the full year, operating expenditure is expected to be $47.2 million.As a result of the ramp-up in the SCP expansion work, capital expenditure will increase to $1.244 billion.