bp reports $45 billion investment in Azeri-Chirag-Gunashli field With major production, social contributions

bp has announced that its capital expenditures on the Azeri-Chirag-Gunashli (ACG) field block development project in the Azerbaijani sector of the Caspian Sea have reached a substantial $45 billion as of the end of the second quarter of 2024.

The ACG field has produced approximately 593 million tons (about 4.4 billion barrels) of oil since production commenced in November 1997, Caliber.Az reports citing bp-Azerbaijan.

By the end of 2024, this figure is expected to remain consistent. Of this total, over 4.3 billion barrels have been transported to global markets via the Baku-Tbilisi-Ceyhan (BTC) pipeline, with 5,707 tankers having shipped ACG oil from the Ceyhan terminal since 2006.

Additionally, Azerbaijan has benefited significantly from the associated gas produced at ACG. Since the start of production, the country has received approximately 57 billion cubic metres of this gas free of charge.

Since the inception of the ACG project in 1994, bp and its partners have invested around $111 million in various social projects across Azerbaijan, demonstrating a commitment to community support and development.

A major milestone was achieved on April 16, 2024, with the first oil production from the new $6 billion Central-East Azeri (CEA) platform, a development stemming from the contract extension signed on April 19, 2019.

By the end of Q2 2024, the ACG field was operating 144 production wells, 45 water injection wells, and 8 gas injection wells, reflecting ongoing enhancements in field operations.