Operation costs on ACG project expected to increase in 2011

BP produced 9.6 million tons (70.74 million barrels) of oil on the Azeri-Chirag-Guneshli (ACG) bloc of fields in the first quarter of 2011. BP is the operator, the company said.

Daily oil production from the bloc hit 785,500 barrels on average per day in January-March.

In 2010, BP produced 40.6 million tons (300.4 million barrels) of oil on the ACG bloc of fields compared to more than 40.3 million tons in 2009.

In 2011, operation costs on the ACG project are expected to hit $628 million, and capital expenditures - $1.998 billion. The figures were $140.6 and $419 million, respectively, in the first quarter of 2011.

Last year, operation costs on the ACG project was $426 million, and capital expenditures - $1.648 billion.

ACG participating interests are: BP (operator - 37. 4%), Chevron (11.3%), SOCAR (10%), INPEX (11%), Statoil (8.6%), ExxonMobil (8%), TPAO (6.7%), ITOCHU (4.3%), Hess (2.7%).


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