BP Managed to Stabilize Production at ACG in Q1, 2015

According to the results of I quarter of 2015 from offshore fields in Azerbaijan, "the Azeri-Chirag-Gunashli (ACG)" was produced 8 million tons (59 million barrels), or an average of 661 thousand barrels per day. This is stated in the quarterly report of the company BP-Azerbaijan (operator of the ACG).

Note that in Ikvartale 2014 ACG contract area produced about 8 million tons (58 million barrels). Or an average of 645.8 thousand. Barrels per day. That is, the daily volume of production figures rose by 2.3%, while the actual production volume growth was - 1.7%.

According to the report of BP, stabilization of production has been achieved by drilling four new wells.

Turan recalls that the most productive quarter at the beginning of the year for the company BP-Azerbaijan is still considered the January-March 2010, when the average daily oil production at ACG amounted to 797.3 thousand barrels and was produced for the quarter as a whole 72 million barrels.

According to the company, as a whole, since the beginning of oil production in November 1997 and at the end of Q1 of 2015, ACG produced 2.7 billion barrels or more than 366 million tons of oil.

ACG contract signed on 20 September 1994 was approved by the Parliament of Azerbaijan on 12 December the same year. Participants of the project are: British BP (35,78% operator), US Chevron (11,27%), Exxon Mobil (8%), India's ONGC (2,72%), Azerbaijani SOCAR (11,65%), Japan Inpex Corp. (10.96%), ITOCHU Oil (4.3%), Norwegian Statoil (8,56%), and Turkish TPAO (6.75%). -12B--