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WoodMac shares forecasts for bp’s ACE platform performance

Energy Materials 13 January 2023 12:40
Baku, Azerbaijan Trend News Agency
WoodMac shares forecasts for bp’s ACE platform performance

The Azeri Central East (ACE) platform will support the Azeri-Chirag-Guneshli (ACG) decline management, keeping oil production above 400,000 b/d to the late 2020s, Trend reports with reference to Wood Mackenzie.

"bp will commission the seventh ACG production platform, Azeri Central East (ACE) in Q4. The $6 billion project’s schedule has largely withstood the shocks of the coronavirus pandemic and enters 2023 more than 80 percent complete. After ACE first oil, an extended ramp-up awaits to its 100,000 b/d plateau. There has been no pre-drilling and all wells will be completed from the platform," WoodMac said in its latest report.

The ACE project is centred on a new 48-slot production, drilling and quarters platform located mid-way between the existing Central Azeri and East Azeri platforms in a water depth of approximately 140 metres. The project will also include new infield pipelines to transfer oil and gas from the ACE platform to the existing ACG Phase 2 oil and gas export pipelines for transportation to the onshore Sangachal terminal.

The production sharing agreement (PSA) for developing the Azeri-Chirag-Gunashli (ACG) block of oil and gas fields was signed in September 1994, for a period of 30 years.

The Azerbaijani government and the country’s state oil company SOCAR, together with BP, Chevron, INPEX, Statoil, ExxonMobil, TP, ITOCHU and ONGC Videsh signed the amended and restated agreement on the joint development and production sharing for the Azeri, Chirag fields and the deepwater part of the Gunashli Field in the Azerbaijani sector of the Caspian Sea until 2050.

The new ACG participating became as follows: BP - 30.37 percent; AzACG (SOCAR) - 25 percent; Chevron - 9.57 percent; INPEX - 9.31 percent; Statoil - 7.27 percent; ExxonMobil - 6.79 percent; TP - 5.73 percent; ITOCHU - 3.65 percent; ONGC Videsh Limited (OVL) - 2.31 percent.

The block’s production is expected to decrease by 15.35 percent and amount to 129.6 million barrels as of 2023.

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