Minister: Work on oil production stabilization to yield positive results in Azerbaijan

Oil&Gas Materials 13 March 2013 20:25 (UTC +04:00)

Azerbaijan, Baku, March 13 / Trend, E. Ismayilov /

According to forecasts, around 41.5 million tons of oil will be extracted in Azerbaijan in 2013, Azerbaijani Minister of Industry and Energy Natiq Aliyev told media today.

He said that these figures are slightly less than those of the previous year, but BP (the operator of the largest block of oil fields, the "Azeri-Chirag-Guneshli") is stabilizing its production volume.

"BP is doing what needs to be done; I believe that this will yield positive results in the near future," Aliyev said.
The contract on Azeri-Chirag-Guneshli's development was signed in 1994.

Participants Azeri-Chirag-Guneshli project are: BP (operator, 35.78 percent), Chevron (11.27 percent), Inpex (10.96 percent), AzACG (11.65 percent), Statoil (8.56 percent), Exxon (8 percent), TPAO (6.75 percent), Itocu (4.3 percent) and Hess (2.72 percent).