Added details (first version was published at 19:43)
Azerbaijan, Baku, Oct 24 /Trend/
BP is going to bring its best resources around the world to increase oil production at the Azeri-Chirag-Guneshli in Azerbaijan, BP's Executive Vice President on Production Bob Frayar said. It is noted in BP statement on Wednesday.
As a follow up to last week's London meetings, a group of BP senior executives representing BP's upstream production, development, and strategy and integration divisions held a 3-day working visit to Baku to continue the discussions about production from the ACG fields, as well as to review BP's future plans for the region.
The visit included a meeting with SOCAR leadership and a series of internal meetings with BP's regional leadership and staff.
Executive Vice President, Developments Bernard Looney said each of the meetings has been helpful and has contributed to identifying a clear way forward which lays out our immediate tasks ahead.
"I would like to thank SOCAR's leadership for their cooperation and intention to work with us as we address ACG production issues for the benefit of the Azerbaijani nation and ACG partners. They clearly want us to be successful, and together we will take the right actions to continue to deliver a world-class business in Azerbaijan," Bernard Looney added.
The meetings in Baku specifically focused on defining a course of action to address ACG production issues.
"We remain committed to resolving ACG production issues and in order to do this as quickly as possible we have committed to bringing here BP's best global resources from all over the world," Bob Fryar said.
He also noted that the ACG partnership has been very successful over the past 18 years.
"We clearly now have a challenge but we are committed to working through it as quickly as possible together with SOCAR, the government of Azerbaijan and our partners," Fryar added.
Earlier addressing a meeting of the Cabinet of Ministers to discuss the results of the country's socio-economic development in nine months of 2012, and outline further priorities, President of Azerbaijan Ilham Aliyev said that serious mistakes of international consortium (Azerbaijan International Operating Company), operator of which is the company BP, led to a sharp decline in oil production on the Azeri and Chirag fields.
The contract on the Azeri-Chirag-Guneshli full field development was signed in 1994.
Participants of the project to develop Azeri-Chirag-Guneshli are: BP (operator - 35.83 percent), Chevron (11.27 percent), Inpex (10.96 percent), AzACG (11.6 percent), Statoil (8.56 percent), Exxon (8 percent), TPAO (6.75 percent), Itocu (4.3 percent) and Hess (2.72 percent). Hess has sold its share to Indian ONGC, the transaction will be completed in the first quarter of 2013.