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BP to raise output in Azerbaijan

BP to raise output in Azerbaijan
British oil major BP (BP.L) said on Tuesday it plans to raise oil and gas output this year at two major deposits it operates in Azerbaijan.

BP to raise oil, gas output in Azerbaijan in 2010.

British oil major BP (BP.L) said on Tuesday it plans to raise oil and gas output this year at two major deposits it operates in Azerbaijan.

Azerbaijan's BP-led oil firm aims to extract 42.1 million tonnes of oil (854,000 barrels per day) at its Azeri-Chirag-Guneshli oilfields in the Caspian Sea, up from the 40.3 million tonnes (817,000 bpd) it produced last year.

In 2008, the fields produced 35.9 million tonnes of oil.

BP said it will spend $2.17 billion this year on the three oilfields, up on the $1.7 billion spent in 2009.

The enormous offshore Shakh Deniz gas deposit, which has total estimated reserves at around 1.2 trillion cubic metres, should produce 7.6 billion cubic metres (bcm) this year, versus 6.2 bcm in 2009.

Shakh Deniz is co-led by BP and StatoilHydro (STL.OL).

BP will spend $604.8 million on Skakh Deniz in 2010, up from $289 million in 2009.

Ex-Soviet Azerbaijan sells gas to the domestic market, neighbouring Georgia and to Turkey via the Baku-Tbilisi-Erzerum pipeline. Turkey will receive the majority of Shakh Deniz's exports this year.

Azeri state energy firm SOCAR, Russia's LUKOIL (LKOH.MM), France's Total (TOTF.PA), Iranian and Turkish firms are also partners in developing the deposit.

In 2008, Shakh Deniz produced 7.2 bcm.

www.turkishmaritime.com.tr

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