ВР Launches Project on Expansion of Oil Production in Azerbaijan

Business Materials 30 April 2008 13:47 (UTC +04:00)

Azerbaijan, Baku, 29 April / Trend corr S. Aliyev/ ВР Azerbaijan is waiting for the sanctions to implement Balakhani-Chirag project on development of the Balakhani Svita in the Azeri-Chirag-Gunashli (ACG) field by the end of 2009, Bill Schreder, head of BP Azerbaijan said on 29 April.

According to the company, the reserves in the Balakhani Svita are assessed at 350mln barrels of oil. However, the reserves are included in BP's general estimation of the blocs' reserves - 5.4mln barrels.

This year, the company will hold a range of researches for the project. Implementation conception is planned to be developed by the end of the year. Presently, the project envisages production of oil from the formation between the Chirag and Gunashli fields.

Through the oil production in the formation, BP intends to maintain high production in ACG as long as possible.

According to experts, development of the Balakhani Svita requires construction of two new platforms. One is needed for Chirag and deep section of Gunashli, and the second - for western, eastern and central part of Azeri.

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