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BP’s total investments in Azerbaijan hit $75bn

03 June 2020 [11:17] - TODAY.AZ

By Azernews


By Ayya Lmahamad

The total volume of BP’s capital expenditure on Azerbaijan’s oil and gas projects between 1995 and 2019 amounted to $75 billion, BP said in its “Sustainable report of BP in Azerbaijan in 2019” published recently.

The invested projects include Azeri-Chirag-Guneshli (ACG) oil fields, Baku-Tbilisi-Ceyhan (BTC) oil pipeline, Shah Deniz and South Caucasus Pipeline (SCP) gas projects.

According to the report, BP’s operating and capital expenditures on ACG field were $567 million and $1.746 million accordingly. Some 500.9 million tons of oil were produced from the ACG block of fields during the whole period from the beginning of development to the end of 2019.

As of the end of 2019, 125 producing, 46 water and 7 gas injection wells were in operation in ACG block.

Furthermore, 116.8 billion cubic meters of gas and 28.2 million tons of condensate were produced from Shah Deniz field during the operation period. Out of which 16.8 billion cubic meters of gas and 3.6 million tons of condensate were produced in 2019.

Shah Deniz operating and capital expenditures in 2019 amounted to $544 million and $1.1 billion accordingly, the majority of which was associated with the Shah Deniz 2 project.

Moreover, in 2019, the Sangachal terminal exported 235 million barrels of oil through Baku- Tbilisi- Ceyhan pipeline and 28 million barrels of oil through Western Route Export pipeline. In addition, over 45 million cubic meters of Shah Deniz gas were exported from terminal daily during 2019.

Additionally, since the beginning of operation in 2006 until the end of 2019, BTC carried a total of more than 3.35 billion barrels of crude oil loaded on 4.381 tankers and sent to world markets.

South Caucasus Pipeline’s daily average throughput was 29 million cubic meters of gas per day during 2019.

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), MOL (9.57 percent),INPEX (9.31 percent),Equinor (9.57 percent), ExxonMobil (6.79 percent), TPAO (5.73 percent), ITOCHU Oil (3.65 percent), ONGC Videsh (2.31 percent).

The contract on development of Shah Deniz field was signed in Baku on June 4, 1996 and ratified by Parliament on October 17 of the same year. Shareholders of Shah Deniz project are: BP (operator, 28.8 percent), TPAO (19 percent), SOCAR (16.7 percent), Petronas (15.5 percent), LUKOIL (10 percent) and NICO (10 percent).

URL: http://www.today.az/news/business/194262.html

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