BP Achieves Agreement on Caspian Field Production

BAKU, Azerbaijan – The State Oil Company of Azerbaijan Republic has reached an agreement with BP PLC on stabilizing production in the Azeri-Chirag-Guneshli field in the Caspian Sea, SOCAR president Rovnag Abdullayev said Wednesday.

The deal is expected to result in the production of 33 million tons of oil from the field in 2013 and 35 million tons in 2014.

"It is also planned to develop a long-term program for the years 2014-2024, in order to maintain stable volumes of 33-34 million tons of oil per year," Mr. Abdullayev said.

He noted that the reason for the slow growth of production at the field was technical in nature.

"After the problems BP had in the Gulf of Mexico and the detection of a gas leak in the Azeri-Chirag-Guneshli" in 2008, BP "chose to give it up, rather than to manage the risk," Abdullayev said.

Azeri President Ilham Aliyev said earlier this month that blunders at the field led to a sharp decline in oil production that resulted in $8 billion in lost revenue.


Copyright (c) 2012 Dow Jones & Company, Inc.


Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
Graham | Oct. 25, 2012
Could not agree more with Alex.....

Alex wylie | Oct. 24, 2012
The Azeri government needs to relax their Giza system as vendors wait six weeks to get into the country. How can you get people in on short emergency issue with this type of visa system. Another corrupt way of generating silly income at the expense of fixing problems offshore. Natik and Ilham can blame who they like but they need to look in the mirror. During ACG we did not have these problems. Do the right thing and approve immediately east and west Azeri platforms now-- buy the steel the design is a copy 12 months to build and stop your stupid azeiasation. It does not work. Ask Indonesia

Related Companies

Our Privacy Pledge

Most Popular Articles

From the Career Center
Jobs that may interest you
Field Operations Supervisor II Job
Expertise: Field Service Tech|Refinery / Plant Operations Supervisor|Regulatory Compliance
Location: Minneapolis, MN
Production Engineer
Expertise: Production Engineering
Location: Houston, TX
Senior Client / Program Manager
Expertise: Geologist|Reservoir Engineering
Location: Seattle, WA
search for more jobs

Brent Crude Oil : $50.79/BBL 1.30%
Light Crude Oil : $49.96/BBL 1.10%
Natural Gas : $2.77/MMBtu 2.12%
Updated in last 24 hours