BP invests $1.83 billion in Azeri-Chirag-Gunashli oil field operations

Last year, approximately $1.83 billion was spent on operations at the Azeri-Chirag-Gunashli (ACG) oil and gas field block, according to BP's annual report on its activities in Azerbaijan.

Of this amount, around $535 million was allocated for operational expenses, while $1.293 billion was spent on capital expenditures.

"In mid-April, the first oil was extracted from the new ACE platform, the seventh installed at the giant ACG field in the Caspian Sea. The first oil from the ACE platform came from the first well drilled at the end of 2023. In 2024, two additional production wells were brought online, increasing ACE's output to approximately 26,000 barrels per day by year-end," the report stated.

The report also highlighted that stable and safe production continued at ACG throughout 2024. The average daily production from ACG was around 342,000 barrels, totaling approximately 125 million barrels (16 million tons) for the year. By the end of the year, ACG had 148 active oil production wells, 46 water injection wells, and seven gas injection wells.

Additionally, during the year, 14 new oil production wells, three water injection wells, one gas injection well, and one well for reinjecting drilling waste were completed.

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