AIOC's Azeri-Chirag-Gunashli development costs up 29% in H1
BAKU. Aug 15 (Interfax) - Azerbaijan International Operating Company (AIOC), the operator of the Azeri-Chirag-Gunashli block of offshore deposits, spent $1.555 billion on development in the first half of this year, 29.6% more than in H1 2011.
The AIOC press service told Interfax that production expenses came to $346.4 million and capital expenditures to $1.209 billion for the half.
There was 16.8 million tonnes of oil produced at deposits in the block during H1. Average daily production was 684,000 barrels. The Chirag rig produced an average of 77,000 daily barrels, the Central Azeri rig 161,000 barrels, the Western Azeri rig 186,000 barrels, the Eastern Azeri rig 144,000 barrels, and the Deepwater Gunashli rig 116,000 barrels.
AIOC plans to spend $3.224 billion on the Azeri-Chirag-Gunashli this year - $708 million on production and $2.516 billion in capital expenditures.
The participants in the project are BP (35.78%), Chevron (11.27%), ExxonMobil (8.0006%), Hess (2.72%), Inpex (10.96%), Itochu (4.3%), State Oil Company of Azerbaijan (11.6461%), Statoil (8.5633%), and TPAO (6.75%).
Oil production began in November 1997 at the Chirag field, on February 13, 2005 at the central part of the Azeri field, December 30, 2005 at the western part of Azeri, October 21, 2006 at the eastern part of the Azeri field, and in early April of 2008 at Gunashli.