By Ayya Lmahamad
The volume of oil produced from the Azeri-Chirag-Guneshli (ACG) fields decreased by 7.7 percent year-on-year in the first quarter of 2020, amounting to 48 million barrels, the Azerbaijan International Operating Company reported on May 12.
As reported, in the same period of 2019, 52 million barrels of oil were produced from the ACG block.
During the reporting period, the average daily oil production was 524,000 barrels.
The average daily oil production from the Chirag platform was 39,000 barrels, Central Azeri - 136,000 barrels, West Azeri - 125,000 barrels, East Azeri - 78,000 barrels, Deepwater Guneshli - 95,000 barrels and West Chirag - 51,000 barrels.
According to AIOC, in the first quarter of 2020, the company increased the cost of the ACG block development project compared to January-March 2019 by 61.2 percent - up to $672 million.
"Of this amount, operating expenses amounted to $150 million, capital - $522 million," AIOC press service reported.
As reported, in 2019 more than 195 million barrels (26 million tons) were produced from the ACG block.
The contract for the development of Azeri-Chirag-Guneshli fields was signed on September 20, 1994 and entered into force on December 12 of the same year. On September 14, 2017 in Baku was signed a new contract for the development of ACG block, designed until 2050.
The shareholders of the project are BP (operator, 30.37 percent), SOCAR (25 percent), American Chevron (9.57 percent), ExxonMobil (6.79 percent), Indian ONGC (2.31 percent), Japanese Inpex Corp. (9.31 percent), ITOCHU Oil (3.65 percent), Norwegian Statoil (7.27 percent) and Turkish TPAO (5.73 percent).
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