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.