Azeri oil production rises as BP stabilizes ACG output

Azerbaijan’s crude production rose in 2013 for the first time in three years as a BP Plc-led group stabilized output at the country’s largest deposit.

The Caspian Sea nation pumped 43.1 million metric tons of oil last year, up 0.2 percent, according to data published today on the website of the State Statistics Committee. Production of marketable natural gas rose to 17.9 billion cubic meters from 17.2 billion cubic meters a year earlier.

Supply had been on the decline after peaking at 50.1 million tons in 2010 as the Azeri-Chirag-Guneshli field cut output. BP replaced regional managers and brought in advisers from abroad after Azeri President Ilham Aliyev accused it of “grave mistakes.” The former Soviet republic offers the only route for Caspian oil and gas to Europe bypassing Russia.

ACG delivered 16.4 million tons of oil in the first half of 2013, down 2.4 percent, London-based BP said in October. That compared with a 12 percent drop a year earlier.

Partners in the project include Exxon Mobil Corp. (XOM), Chevron Corp. (CVX), State Oil Co. of Azerbaijan, or Socar, Statoil ASA, Turkiye Petrolleri AO and ONGC Videsh Ltd.

(Bloomberg News)

ANN.Az