BP to Triple Capital Expenditure on Gas Condensate Field Development in Azerbaijan

Azerbaijan, Baku, 29 April / Trend corr. S.Aliyev / The Shah Deniz project is a gas condensate development in the Azerbaijan sector of the Caspian Sea with planned gas export to markets in Azerb aijan, Georgia and Turkey. In 2007, the project spent $170 million in operating expenditure and $364 million in capital expenditure. In 2008, there are planning to spend $123 million in operating expenditure and $496 million in capital expenditure on Shah Deniz activities.

Since the beginning of this year the field has continued to produce steadily from four pre-drilled wells to off-take points in Azerbaijan, Georgia and the Turkish border. The gas from Shah Deniz Stage 1 is currently sold to Azerbaijan, GOGC (Georgia), BOTAS and the Baku-Tiblisi-Ceyhan Company (BTC).

In 2007, a total of 3.1 billion cubic meters of gas was produced, which is more than planned and 0.8 million tonnes of condensate from the Shah Deniz field. Our 2008 plan

Shah Deniz production is currently around 700 million standard cubic feet per day (about 19.8 million cubic meters per day) of gas and about 40,000 barrels of condensate per day from four wells. Production will increase as new platform-drilled wells are brought on stream later this year and through next year. Plateau production from Stage 1 will be 8.6 billion cubic meters of gas per annum and approximately 45,000 barrels of condensate per day.

In 2007, the capital expenditures on SCP activities totaled $64 million. In 2008 the capital expenditure on SCP made up $35.

The South Caucasus Pipeline (SCP) pipeline has been operational since late 2006 transporting gas to Azerbaijan and Georgia, and starting July 2007 to Turkey from Shah Deniz Stage 1. The SCP has a dual operatorship with BP as the technical operator being responsible for construction and operation of the SCP facilities and Statoil, as commercial operator, is responsible for SCP's business development and administration.

Shah Deniz participating interests are: BP (operator - 25.5%), StatoilHydro (25.5%), SOCAR (10%), LUKOIL (10%), NICO (10%), Total (10%), and TPAO (9%).

The SCP Co. shareholders are: BP (technical operator - 25.5%), StatoilHydro (commercial operator - 25.5%), Azerbaijan SCP Ltd. (10%), LUKOIL (10%), NICO (10%), Total (10%), and TPAO (9%).

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