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BP with partners invest $58B in Azerbaijan

BP with partners invest $58B in Azerbaijan Energy

BP with partners invest $58B in Azerbaijan

The British BP company and partners have invested $58 billion in Azerbaijan's projects over the period of its activity.

The statement came from Bakhtiyar Aslanbayli, BP's regional vice president, said Apr. 25, Trend reports.

He made the remarks during SOCAR's (Azerbaijan's state oil company) "Caspian Sea and Central Asia - trade, logistics, oil refining and petrochemicals" conference dedicated to the 93rd anniversary of Azerbaijan's National Leader Heydar Aliyev.

Aslanbayli said that 2.9 billion barrels of oil has been produced from Azerbaijan's Azeri-Chirag-Gunashli block of oil and gas fields since 1997.

"More than 70 billion cubic meters of gas has been produced since 2006 within another largest project on development of the Shah Deniz gas and condensate field," said the vice president.

He added that 3194 tankers with the Azerbaijani oil were shipped from the Ceyhan port since the commissioning of the Baku-Tbilisi-Ceyhan pipeline.

The contract for development of the Shah Deniz offshore field was signed on June 4, 1996. The field's reserve is estimated at 1.2 trillion cubic meters of gas.

The shareholders in the contract are: BP, operator (28.8 percent), AzSD (10 percent), SGC Upstream (6.7 percent), Petronas (15.5 percent), Lukoil (10 percent), NIOC (10 percent) and TPAO (19 percent).

BP is also the operator of the Azeri-Chirag-Gunashli block of oil and gas fields with the share of 35.78 percent. Shares in the contract for development of Azeri-Chirag-Guneshli block of fields are distributed as follows: BP - 35.78 percent, Chevron - 11.27 percent, Inpex - 10.96 percent, AzACG - 11.65 percent, Statoil - 8.55 percent, Exxon - eight percent, TPAO - 6.75 percent, Itochu - 4.3 percent and ONGC - 2.72 percent.

 

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