Released April 19, 2024 | SUGAR LAND
en
Written by Daniel Graeber for Industrial Info Resources (Sugar Land, Texas)--BP plc (NYSE:BP) (London, England) said it started operations at the seventh offshore platform in the mega Azeri-Chirag-Gunashli oil and gas complex off the coast of Azerbaijan, the first to be controlled from onshore.
BP announced the start of new production from the field using its Azeri Central East (ACE) platform in the Caspian Sea. The facility has a peak design capacity of 100,000 barrels per day (BBL/d) of oil and could produce as much as 300 million total barrels over its expected lifespan.
The British energy company said the new platform is its most technically advanced to date. The facility will be controlled from onshore and drilling will be carried out through remote, automated operations, which the company said will help lower operational emissions.
"ACE really stands out with its engineering creativity, advanced digital technology and automation," said Gary Jones, BP's regional president.
Overhauling offshore operations is part of the sector's efforts to lower its carbon footprint. Equinor (NYSE:EQNR) (Stavanger, Norway) is electrifying some of its rigs using onshore reserves, often drawn from renewables. The Norwegian company's first platform to be remotely operated from land was brought onstream in 2017.
First oil from the new Azeri platform is from a well drilled late last year. Production should ramp up this year to about 24,000 BBL/d, after two more wells are completed.
Oil then moves through the platform's processing facility, before going into a new, 80-mile pipeline tied to an onshore terminal.
BP and its partners last year allocated about US$2 billion in expenditures for activities in Azeri-Chirag-Gunashli, which yielded an average of 363,000 BBL/d. Onstream since 1997, the complex has produced more than 4.3 billion barrels of oil.
In a filing last week with the U.S. Securities and Exchange Commission, the company said it expected net upstream production this year to be "slightly higher" than the 2.3 million barrels of oil equivalent realized on a daily average (BOE/d) basis last year.
Lower natural gas prices, higher associated costs and a focus on investor returns are behind an expected decline from its gas portfolio, however.
Total proved reserves at year's end declined year-on-year by about 6% relative to 2022 levels. For natural gas, BP's reserves decreased by 5% when compared with 2022.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 Trillion (USD).
BP announced the start of new production from the field using its Azeri Central East (ACE) platform in the Caspian Sea. The facility has a peak design capacity of 100,000 barrels per day (BBL/d) of oil and could produce as much as 300 million total barrels over its expected lifespan.
The British energy company said the new platform is its most technically advanced to date. The facility will be controlled from onshore and drilling will be carried out through remote, automated operations, which the company said will help lower operational emissions.
"ACE really stands out with its engineering creativity, advanced digital technology and automation," said Gary Jones, BP's regional president.
Overhauling offshore operations is part of the sector's efforts to lower its carbon footprint. Equinor (NYSE:EQNR) (Stavanger, Norway) is electrifying some of its rigs using onshore reserves, often drawn from renewables. The Norwegian company's first platform to be remotely operated from land was brought onstream in 2017.
First oil from the new Azeri platform is from a well drilled late last year. Production should ramp up this year to about 24,000 BBL/d, after two more wells are completed.
Oil then moves through the platform's processing facility, before going into a new, 80-mile pipeline tied to an onshore terminal.
BP and its partners last year allocated about US$2 billion in expenditures for activities in Azeri-Chirag-Gunashli, which yielded an average of 363,000 BBL/d. Onstream since 1997, the complex has produced more than 4.3 billion barrels of oil.
In a filing last week with the U.S. Securities and Exchange Commission, the company said it expected net upstream production this year to be "slightly higher" than the 2.3 million barrels of oil equivalent realized on a daily average (BOE/d) basis last year.
Lower natural gas prices, higher associated costs and a focus on investor returns are behind an expected decline from its gas portfolio, however.
Total proved reserves at year's end declined year-on-year by about 6% relative to 2022 levels. For natural gas, BP's reserves decreased by 5% when compared with 2022.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 Trillion (USD).
