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 2011.

For the 1st half of 2011 it was produced 775,700 bpd and 823,100 bpd in 2010. As a result it was produced 8.8 million tons of oil for the 1st quarter of 2012 (64.8 million barrels) against 35.4 million tons of oil (261.9 million barrels) for 2011 and 300.4 million barrels (40.6 million tons) for 2010. In 2009 daily output at the block made 817,000 barrels on average which enabled to produce 40.3 million tons (298 million barrels).

The AIOC members are: BP (operator – 37.4%), Chevron (11.3%), SOCAR (10%), INPEX (11%), StatoilHydro (8.6%), ExxonMobil (8%), TPAO (6.7%), ITOCHU (4.3%), Hess (2.7%). The Agreement on ACG exploration and development was signed on 24 September 1994. Production of the first oil started in 1997.

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