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
M&A Spotlight Shifts from Permian to Bakken, Marcellus
2024-04-29 - Potential deals-in-waiting include the Bakken’s Grayson Mill Energy, EQT's remaining non-operated Marcellus portfolio and some Shell and BP assets in the Haynesville, Rystad said.
Chevron CEO: Permian, D-J Basin Production Fuels US Output Growth
2024-04-29 - Chevron continued to prioritize Permian Basin investment for new production and is seeing D-J Basin growth after closing its $6.3 billion acquisition of PDC Energy last year, CEO Mike Wirth said.
E&P Highlights: April 29, 2024
2024-04-29 - Here’s a roundup of the latest E&P headlines, including a new contract award and drilling technology.
C-NLOPB Issues Call for Bids in Eastern Newfoundland
2024-04-29 - Winners of the Call for Bids No. NL24-CFB01 will be selected based on the highest total of money the bidder commits to spend on exploration of a parcel during the first six years of a nine-year license.
TotalEnergies Eyes Suriname FID by Year-end 2024
2024-04-29 - France’s TotalEnergies and U.S. partner APA Corp. look to place their long lead orders ahead of a final investment decision related to their joint development offshore Suriname in Block 58.