BP Promises to Quickly Stabilize Production at ACG

BP is completely true to Azerbaijan, the Manager of Public Relations of BP-Azerbaijan Tamam Bayatli commented on yesterday's statement by the President of Azerbaijan for Turan. The President said "BP is to blame for reducing production of oil in the country."

She said BP is working in close collaboration with the State Oil Company of Azerbaijan, to stabilize production at the offshore block Azeri-Chirag-Guneshli shortly.

Note that the peak production of Azeri-Chirag-Guneshli took place in 2010, when it produced 40.6 million tons of oil (823 thousand barrels on daily average), in 2011 the production volume decreased to the level of 35.4 million tons (daily average - 717.6 thousand barrels). Forecast for the current year is 35.6 million tons, but given the current production rate, the expected level of production is 33 million tons (daily average - about 670 thousand barrels).

* The PSA-type contract to develop the block Azeri-Chirag-Guneshli was signed on 20 September 1994 and approved by the Parliament on December 12 of that year. The contract period is 30 years with a possible extension of 5 years. Production at the ACG contract area began on 7 November 1997. By the beginning of September 2012 they extracted from the depths about 2.1 billion barrels of oil. The total recoverable reserve in the block, on the latest estimates of Azerbaijani geologists, is 8.8 billion barrels. - 12B