Azerbaijan, Baku, Nov.26 / Trend E.Ismayilov /
BP Azerbaijan conducts all the necessary work to ensure stable production volume at the block of Azeri-Chirag-Gunashli (ACG) oil and gas fields in the Azerbaijani sector of the Caspian Sea in 2013, First Vice-President of the State Oil Company of Azerbaijan (SOCAR), Khoshbakht Yusifzade told journalists on Monday.
He said in order to ensure stable production volume at the block it is necessary to maintain normal operation of existing wells and fulfill envisaged drilling program.
According to Yusifzade, for example this year BP had to complete drilling in eight new wells, however, it completed drilling in only two of them.
"Accordingly, it is necessary to ensure drilling of new wells and continue exploitation of the existing ones to maintain stable oil production at ACG," Yusifzade said.
At present, all the necessary work is underway to stabilize production volume at the block next year, he said.
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.