BP-led consortium Azerbaijan International Operating Company (AIOC) which increased capital expenditures in the 4th quarter of 2009 on contract field block Azeri-Chirag-Gunashli in the Azerbaijani sector of the Caspian Sea with decline of operating expenditures, intends to increase oil production from the block.
BP Azerbaijan reports that following 2009 daily oil production was on average 817,000 barrels and in 2010 it is expected to grow up to 854,000 bpd.
"Increase of oil production from 40.3 million tons (298 million barrels) up to 42.1 million tons is expected respectively," it was reported.
The AIOC members are: BP (operator – 34.1%), Chevron (10.2%), SOCAR (10%), INPEX (10%), StatoilHydro (8.6%), ExxonMobil (8%), TPAO (6.8%), Devon (5.6%), ITOCHU (3.9%), and Hess (2.7%).
The Agreement on ACG exploration and development was signed on 24 September 1994. Production of the first oil started in 1997.
Fineko/abc, 23.02.2010
