BP Says Consortia Invested $33B in Azeri Energy Projects

MOSCOW (Dow Jones Newswires), Nov. 2, 2011

Investments in Azerbaijan's Azeri-Chirag-Guneshli, or ACG, and Shah Deniz fields in the Caspian Sea total $33 billion to date, the operator of both projects BP said Wednesday.

Investments include construction of the Baku-Tbilisi-Ceyhan and the South Caucasus pipelines, said Ian Sutherland, chief financial officer for BP in the Azerbaijan-Georgia-Turkey region.

ACG and Shah Deniz have produced 1.8 billion barrels of oil and 26 billion cubic meters of natural gas since they began production in 1997 and 2006, respectively, said Sutherland.

BP operates Azeri-Chirag-Guneshli in a consortium that includes Chevron, Statoil of Norway, Inpex and Itochu.

BP also operates the Shah Deniz field with Statoil, Azerbaijan's Socar, Russia's Lukoil Holdings, France's Total, National Iranian Oil Co. and Turkey's TPAO as partners.

Copyright (c) 2011 Dow Jones & Company, Inc.

Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE


Most Popular Articles


From the Career Center
Jobs that may interest you
Field Specialist
Expertise: Field Development|Field Service Tech
Location: Dickinson, ND
 
Field Technician Intern
Expertise: Field Development
Location: Charlotte, NC
 
United States Rock Springs: Entry Level to Senior Field Engineer - Logging
Expertise: Petroleum Engineering
Location: Rock Springs, WY
 
search for more jobs

Brent Crude Oil : $51.46/BBL 4.63%
Light Crude Oil : $48.9/BBL 4.78%
Natural Gas : $3.18/MMBtu 0.90%
Updated in last 24 hours