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Production at ACG Fell by 70,000 Barrels per Day in Q1

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Oil production at the Azeri-Chirag-Gunashli (ACG) fields in the first quarter of 2017 exceeded 7.1 million tons, BP-Azerbaijan (operator of the development) reported.

As reported, in the first quarter of 2016, 8 million tons of oil was produced from the ACG block. Thus, in January-March 2017, oil production from this contract area was reduced by 11.2%.

According to BP, the consortium in the first quarter of 2017 reduced the cost of ACG in comparison with the same period of last year by 22.2% – to $ 415 million. “Of this amount, operating expenses for ACG for the reporting period amounted to $ 111 million, and capital expenditures – $ 304 million,” BP-Azerbaijan noted.

Average daily oil production in this period was 581 thousand barrels of oil per day (651 thousand barrels in the first quarter of 2016).

At the same time, from the Chirag platform, in the first quarter of 2017, an average of 55,000 barrels of oil was produced (46,000 barrels in the first quarter of 2016), 124 thousand barrels per day (155,000 barrels per day) was produced from Central Azeri, 112 thousand bar / day (116 thousand bar / day) from Western Azeri, 75 thousand barrels (69 thousand bar / day) from Eastern Azeri, 121 thousand bar / day (139 thousand bar / day) from Deepwater Gunashli, and 94 thousand bar / day (126 thousand bar / day) from Western Chirag.

* Oil production from ACG in 2016 was 31.1 million tons, and in 2015 – 31.3 million tons.

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