The volume of capital costs of the consortium on development of the block of oil and gas fields Azeri-Chirag-Guneshli (ACG) in the Azerbaijani sector of the Caspian Sea will amount to $1.992.3 billion in 2015, a source on the oil and gas market of Azerbaijan told.

The source said that the work program for 2015 and the related budget were approved by the steering committee of ACG on Apr.6.

“The volume of capital costs will amount $1.992.3 billion, while the volume of operating costs will be $978.7 million,” said the source.

In 2014, British BP and partners extracted 31.5 million metric tons of oil (233 million barrels) against 32.2 million metric tons of oil (239 million barrels), extracted in 2013 on a block of Azerbaijani oil and gas fields Azeri-Chirag-Guneshli.

In 2014, the volume of operating costs within the project amounted to $1 billion, the capital costs - $2.3 billion.

The contract for the development of Azeri-Chirag-Guneshli large offshore field in the Azerbaijani sector of the Caspian Sea, with proven oil reserve of nearly 1 billion metric tons, was signed in 1994.

Shares in the contract for development of Azeri-Chirag-Guneshli block of fields are distributed as follows: BP (operator in Azeri-Chirag-Guneshli) - 35.78 percent, Chevron - 11.27 percent, Inpex - 10.96 percent, AzACG - 11.65 percent, Statoil - 8.56 percent, Exxon - 8 percent, TPAO - 6.75 percent, Itochu - 4.3 percent and ONGC - 2.72 percent.