BP has started oil production at a new Azeri Central East (ACE) offshore platform in the Caspian Sea, the company said on April 16, bolstering declining oil output in the ex-Soviet country.
The ACE platform is the seventh oil platform installed in the giant Azeri-Chirag-Gunashli (ACG) field in the Caspian Sea. ACG first began production in 1997 and has since produced more than 4.3 Bbbl of oil.
Azerbaijan oil production has been in decline since passing peak output of about 1 MMbbl/d in 2011-2012 and has been producing below its quota under the OPEC+ agreement among leading oil producers.
BP said the ACE platform and related facilities are designed to process up to 100,000 bbl/d and the project is expected to produce up to 300 MMbbl over its lifetime.
ACE production is expected to increase through 2024 to about 24,000 bbl/d as two more wells are drilled, completed and brought online, the company said.
Recommended Reading
Ithaca Energy to Buy Eni's UK Assets in $938MM North Sea Deal
2024-04-23 - Eni, one of Italy's biggest energy companies, will transfer its U.K. business in exchange for 38.5% of Ithaca's share capital, while the existing Ithaca Energy shareholders will own the remaining 61.5% of the combined group.
Triangle Energy, JV Set to Drill in North Perth Basin
2024-04-18 - The Booth-1 prospect is planned to be the first well in the joint venture’s —Triangle Energy, Strike Energy and New Zealand Oil and Gas — upcoming drilling campaign.
EIG’s MidOcean Closes Purchase of 20% Stake in Peru LNG
2024-04-23 - MidOcean Energy’s deal for SK Earthon’s Peru LNG follows a March deal to purchase Tokyo Gas’ LNG interests in Australia.
Equinor Acquires Stake in Standard Lithium Smackover Projects
2024-05-08 - Equinor’s transaction, completed effective May 7, includes interests in Standard Lithium’s flagship South West Arkansas Project and East Texas properties.
Crescent Point Divests Non-core Saskatchewan Assets to Saturn Oil & Gas
2024-05-07 - Crescent Point Energy is divesting non-core assets to boost its portfolio for long-term sustainability and repay debt.