ACG oil output announced

During the first half-year of 2012, British BP and its partners produced 16.8 million tons of oil (124.5 million barrels) from the Azeri-Chirag-Guneshli oil and gas fields' block (ACG), a BP's official report on the first half-year says on Wednesday.

According to the report, average daily oil production on this block of fields hit 684,000 barrels in January-June.

In 2011 BP produced about 35.4 million tons, or about 262 million barrels of oil on the ACG block.

During the first half of 2012, ACG spent $346.4 million in operating expenditure and $1.209 billion in capital expenditure, the report says.

For the full year, about $708 million in operating expenditure and $2.516 billion in capital expenditure are expected to be spent on ACG activities.

ACG participating interests are: BP (operator - 35.8%), Chevron (11.3%), SOCAR (11.6%), INPEX (11%), Statoil (8.6%), ExxonMobil (8%), TPAO (6.8%), ITOCHU (4.3%), Hess (2.7%).


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