(MENAFN- Trend News Agency ) Baku, Azerbaijan, Feb. 16
By Leman Zeynalova – Trend:
Total expenditures on development of Azeri-Chirag-Gunashli block of oil and gas fields in Azerbaijan reached $33 billion up until today, Regional President of BP on Azerbaijan, Georgia and Turkey Gary Jones said during press-conference on Feb. 16
Expenditures on ACG totaled $1.18 billion in 2017, he noted.
'In 2017, 17 production wells were drilled. From the beginning of the development, 3.3 billion barrels of oil were produced,' Jones added.
The regional president said that production of 3 billion barrels more is expected.
'About $70 billion were invested to the projects in Azerbaijan operated by BP,' Jones said.
A contract for development of ACG block of oil and gas fields was signed in 1994. A ceremony to sign a new contract on development of the ACG block of oil and gas fields was held in Baku Sept. 14, 2017.
The new ACG participating interests are as follows: BP - 30.37 percent; AzACG (SOCAR) - 25 percent; Chevron - 9.57 percent; INPEX - 9.31 percent; Statoil - 7.27 percent; ExxonMobil - 6.79 percent; TP - 5.73 percent; ITOCHU - 3.65 percent; ONGC Videsh Limited (OVL) - 2.31 percent.
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