BP will continue to fully invest in its projects in Azerbaijan, despite the agreement between the OPEC member countries and non-OPEC countries to reduce oil production, BP Regional President for Azerbaijan, Georgia and Turkey Gordon Birrell told Trend.
BP is aware of the decisions of oil producing countries and the issue of oil production cut is being solved at the governmental level, Birrell said.
BP, in its turn, will continue to invest in Azerbaijan in the agreed amounts and to produce oil in the amounts approved by the government, Birrell added.
He also said that BP will direct all efforts towards minimizing the rate of production cut at the Azeri-Chirag-Guneshli (ACG) block of fields in 2017.
BP works with SOCAR, as well as with Azerbaijan’s government, and discusses the volume of production in 2017, he added.
A contract for development of the ACG block of fields was signed in 1994. The proven oil reserve of the block nears one billion tons.
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