TODAY.AZ / Business

BP makes public H1 2014 results

15 August 2014 [16:50] - TODAY.AZ
By AzerNews

British BP released its report on the results of the first half of 2014 on August 14.

The company reported the giant Azeri-Chirag-Gunashli (ACG) block of oil and gas fields in the Azerbaijani sector of the Caspian Sea produced 118.8 million barrels or approximately 16 million tons of oil.

BP is operating a number of major oil and gas projects on behalf of its co-ventures in Azerbaijan, Georgia, and Turkey.

"Daily average production in the ACG fields was 656,100 barrels per day (bpd)," BP said.

In the first half, the project's operational and capital expenditures amounted to $479 million and $1.231 billion respectively.

For the full year, it plans to spend approximately $1.052 billion in operating expenditure and $2.068 billion in capital expenditure.

The report also said BP delivered around 6.6 million cubic meters of ACG associated gas per day (1.2 billion cubic meters or 42.3 billion in total) to SOCAR in the first six months.

ACG delivered 8 oil producer wells and 1 water injection well.

The ACG block of fields has been active since 1997. Production started from the Chirag part of the field. It was followed successfully by Azeri Project; Central Azeri production in February 2005, West Azeri in December 2005, and East Azeri in October 2006.

The Deepwater Gunashli section launched production in April 2008.

ACG participating interests are BP (operator - 35.8 percent), SOCAR (11.6 percent), Chevron (11.3 percent), INPEX (11 percent), Statoil (8.6 percent), ExxonMobil (8 percent), TPAO (6.8 percent), ITOCHU (4.3 percent), ONGC Videsh Limited (OVL) (2.7 percent).

The giant Shah Deniz gas condensate field in the Caspian Sea produced 4.75 billion standard cubic meters of gas and about 1.12 million tons (9 million barrels) of condensate.

Daily production at the field amounted to about 26.2 million cubic metres of gas and 49,757 barrels of condensate.

"Since the start of Shah Deniz production in late 2006 until the end of the second quarter 2014, about 52.7 bcm of Shah Deniz gas and about 108.5 million barrels (over 13.6 million tons) of Shah Deniz condensate has been produced," BP said.

The volume of operating expenditures and capital in the reported period was around $243 million and over $1.766 billion respectively. For the full year, around $483 million is planned to be spent for operating expenditure and $3.781 billion for capital expenditure.

"The great majority of this capital expenditure is on the Shah Deniz Stage 2 project, which includes both offshore developments and expansion of the Sangachal terminal," BP noted.

The Shah Deniz field, one of the world's largest gas-condensate fields, was discovered in 1999. Its reserves are estimated at 1.2 trillion cubic meters of gas. Overall, the field has proved to be a secure and reliable supplier of gas to Azerbaijan, Georgia, Turkey, and Europe.

Shah Deniz participating interests are BP, operator (28.8 percent), SOCAR (16.7 percent), Statoil (15.5 percent), Total (10 percent), Lukoil (10 percent), NICO (10 percent) and TPAO (9 percent).

The Baku-Tbilisi-Ceyhan pipeline (BTC) exported about 134 million barrels (17.8 million tons) of crude oil in the reported period.

BTC spent $100 million in operating expenditure and $61.3 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 bpd.

The 1,768-kilometer BTC pipeline which became operational in June 2006 carries mainly ACG oil and Shah Deniz condensate from Azerbaijan. In addition, crude oil from Turkmenistan continues to be transported via BTC.

The BTC Co. shareholders are BP (30.1 percent); AzBTC (25 percent); Chevron (8.9 percent); Statoil (8.71 percent); TPAO (6.53 percent); ENI (5 percent); Total (5 percent), ITOCHU (3.4 percent); INPEX (2.5 percent), ConocoPhillips (2.5 percent) and ONGC (BTC) Limited (2.36 percent).

The daily average throughput of the South Caucasus Pipeline's (SCP) was 17.8 million cubic metres of gas or 108,137 barrels of oil equivalent in the first half of 2014.

SCP spent $22.4 million in operating expenditure and $325 million in capital expenditure. For the full year, operating expenditure is expected to be $50 million. As a result of the ramp-up in the SCP expansion, capital expenditure will increase to $1.25 billion.

The SCP pipeline has been operational since late 2006, transporting gas to Azerbaijan and Georgia, and since July 2007 to Turkey from Shah Deniz Stage 1.

The SCP Co. shareholders are BP, operator (28.8 percent), SOCAR (16.7 percent), Statoil (15.5 percent), Total (10 percent), Lukoil (10 percent), NICO (10 percent) and TPAO (9 percent).

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