BP discloses 2024 oil production data from ACG block

Oil production at the Azeri-Chirag-Gunashli (ACG) block of fields in 2024 amounted to approximately 125 million barrels (16 million tons), Report informs referring to the project operator - BP Exploration (Caspian Sea) Limited.

In 2023, a total of 133 million barrels of oil (18 million tons) was produced from this contract area. Thus, the indicator in barrels decreased by 6%, in tons - by 11%.

Average daily oil production in 2024 was 342,000 barrels (363,000 barrels a year earlier).

"Total ACG production for the full year was on average about 342,000 barrels per day (b/d) (about 125 million barrels or 16 million tonnes in total) from the Chirag (23,000 b/d), Central Azeri (97,000 b/d), West Azeri (75,000 b/d), East Azeri (51,000 b/d), Deepwater Gunashli (57,000 b/d), West Chirag (29,000 b/d) and ACE (10,000 b/d) platforms," reads the report.

According to the company, in 2024, ACG completed 14 oil producer, three water injector, one gas injector and one cuttings re-injector wells.

At the end of the year, 148 oil wells were producing, while 46 were used for water and seven for gas injection.

In 2024, BP and its co-venturers spent about $535 million in operating expenditure and about $1,293 million in capital expenditure on ACG activities.

The contract for the development of the Azeri, Chirag, and deepwater Gunashli fields was signed in 1994. Its term was due to expire in 2024; in September 2017, a new contract was signed, valid until 2050.

According to updated information, BP plc currently holds a 30.37% share in the project, State Oil Company of Azerbaijan (SOCAR) - 31.65%, MOL - 9.57%, ExxonMobil - 6.79%, ONGC Videsh - 2.92%, Inpex Corp. - 9.31%, and ITOCHU Oil - 3.65%, Equinor - 7.27%, TPAO - 5.73%.