BP’s Azeri Oil Output Declined

BP’s Azeri Oil Output Declined Output from Azerbaijan’s Azeri-Chirag-Guneshli (ACG) oilfields declined to an average 656,000 barrels per day (bpd) in the first half of 2014 from 672,000 bpd in the same period last year, BP-Azerbaijan said in a statement. BP said earlier this year that oil production at the ACG fields might be slightly lower than in 2013 as the company planned maintenance work at the Central Azeri and West Azeri platforms,... Read More

Why TAP?

Why TAP? CESD: TAP will contribute to EU Energy Security but Russian monopoly in Central and Eastern Europe will remain BP and the State Oil Company of Azerbaijan signed an agreement to deliver Azerbaijan’s gas to Europe via the Trans-Adriatic Pipeline (TAP) rather than the competing Nabucco West project at the Four Seasons Hotel in Baku on June 28th, 2013 TAP is a consortium established by Norway’s Statoil (42.5%), Swiss’s Axpo (42.5%),... Read More

Economists speak about “BP issue”

Economists speak about “BP issue” After the President of the Republic of Azerbaijan criticized BP, some stakeholders have called for suing the company. For example, the Member of Parliament Vahid Ahmadov said that as a result of BP’s failure to perform adequately Azerbaijan lost $8.1 billon of dollars. Thus, the government had to react on time.” The MP also noted that this violation had to be prevented: “$ 8.1 billion should be turned to... Read More

Refusing cooperation with BP meets neither economic nor other interests of Azerbaijan

Refusing cooperation with BP meets neither economic nor other interests of Azerbaijan “BP is the largest investor in Azerbaijan. It took an active part in the implementation of various development projects in the country. The largest share of the UK’s foreign investment in Azerbaijan is belong to BP”-said expert economist Vuqar Bayramov in answer to FaktXeber.com’s question:“Could BP refuse to continue working in Azerbaijan?” Mr. Bayramov... Read More

1 trillion cm of gas extracted in Shah Deniz

1 trillion cm of gas extracted in Shah Deniz In 1997-2011, 1.9 bn barrels of oil were extracted from Azeri-Chirag-Guneshli fields, said the BP-Azerbaijan’s report on Sustainable Development. Along with summary of business activity of BP in Azerbaijan during 2011, performances in economic and social spheres were reflected in the report, APA reports. Report says that, 1 trillion cm of gas has been extracted from Shah Deniz so far.  Read More

Azerbaijan’s key oil producer cuts daily oil output

Azerbaijan’s key oil producer cuts daily oil output In the 1st quarter of 2012 the BP–led consortium Azerbaijan International Operation Company (AIOC) decreased oil production from contract field block Azeri-Chirag-Gunashli in the Azerbaijani sector of the Caspian Sea by 0.8% compared to the 2011 average level. BP Azerbaijan informs that over the past quarter of 2012 the block produced on average 711,800 bpd against 717,600 bpd on average for... Read More

BP reports about developments around Shah Deniz – 2

BP reports about developments around Shah Deniz – 2 Major steps will be taken in the near future to ensure the supply of gas from the Shah Deniz 2 field to Turkey and its subsequent transport to Europe, the newly appointed representative of the British BP in Turkey Bud Fackrell, who is also responsible for the activities of BP Turkey in Azerbaijan and Georgia said, newspaper Milliyet wrote on Friday. This week, BP announced its preliminary engineering... Read More

New offshore platform in Azerbaijani sector of Caspian Sea?

New offshore platform in Azerbaijani sector of Caspian Sea? The U.S. Emerson Process Management signed a contract with the Azerbaijan International Operating Company (AIOC) to automate a new offshore platform in the Azerbaijani sector of the Caspian Sea, within the Chirag Oil Project, the U.S. company reported. The Chirag Oil Project, to be completed in 2013 and operated by BP Azerbaijan, will enable additional oil to be recovered from the Azeri-Chirag-Guneshli... Read More

Azerbaijan registers two BP offices

Azerbaijan registers two BP offices Representative office of the BP Exploration (Shafag-Asiman) Limited was registered in Azerbaijan, Azerbaijani Taxes Ministry’s website reported on Friday. Head of the office is Rashid Javanshir, who is also the head of BP-Azerbaijan. Also, the country registered representative office BP Shafag-Asiman Limited, official representative of which is Rashid Javanshir. The SOCAR and BP signed the PSA on Shafag-Asiman... Read More

Azerbaijan Economy in 2012; expectations and challenges

Azerbaijan Economy in 2012; expectations and challenges Official forecasts for Azerbaijani economy in 2012 seem quite optimistic. According to Ministry of Economic Development reports although downturn in world economy. The Government of Azerbaijan (GoA) targets 5,7 % GDP Growth in 2012 meanwhile The Central Bank’s monetary policy is announced keeping inflation to single digits. Meanwhile, International Monetary Fund (IMF) projected at 7,1 % Azerbaijan’s... Read More