Azerbaijan, Baku, March 19 / Trend /
BP's net production in Azerbaijan in 2008 was 130,000 barrels per day, a decrease of 40 percent from 2007, a report posted on the company's official Web site said. The figure includes oil, gas and condensate production from Azeri-Chiraq-Gunashli and Shah Deniz.
The major reason was higher prices, which changed profit oil entitlement in line with the production sharing agreement on Azeri-Chiraq-Gunashli.
The report said BP's net oil share from the ACG was 97,000 barrels of oil per day in 2008 compared to 200,000 barrels in 2007 and 145,000 barrels per day in 2006.
BP's net condensate production from Shah Deniz was 8,000 barrels per day in 2008 compared to 5,000 barrels per day in 2007.
BP's net gas share from Shah Deniz was four million cubic meters per day in 2008 compared to two million cubic meters per day in 2007.
The Azeri-Chirag-Guneshli agreement was signed in September 1994. The agreement provides for the development of the contract area over 30 years.
Production at Chirag commenced in 1997, at Central Azeri in early 2005, at West Azeri in early 2006, and at East Azeri in late 2006. The production from the Deepwater Gunashli field is scheduled for mid-2008.
ACG participants are: BP (34.1 percent), Chevron (10.28 percent), SOCAR (10 percent), INPEX (10 percent), Statoil (8.6 percent), ExxonMobil (8 percent), TPAO (6.75 percent), Devon (5.63 percent), ITOCHU (3.92 percent), Hess (2.7 percent). The volume of required capital investments is $20 billion.
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