Oil production at the Azeri-Chirag-Gunashli (ACG) block of fields in 2020 amounted to about 175 million barrels (23.6 million tons), BP-Azerbaijan reports
As reported, in 2019, 195 million barrels of oil (26 million tons) were produced from the ACG block in total. Thus, oil production from this contract area in 2020 in barrels decreased by 10.3%.
The decline in production at the ACG block is associated, among other things, with the fulfillment of obligations by Azerbaijan under the OPEC+ deal.
According to BP, in 2020 the company increased the cost of the ACG block development project compared to 2019 by 14.9% – to $ 2.348 billion. “Of this amount, operating expenses amounted to $ 531 million, capital – $ 1 billion 817 million,” they noted in the company.
Average daily oil production in 2020 amounted to 477 thousand barrels (535 thousand barrels in 2019).
Caspian Barrel
