A fall in oil prices down to $40 per barrel is a quite possible thing. However, I do not believe that it can fall down to $20 per barrel, David Woodward, President of BP Azerbaijan told during the yesterday's press-conference, Trend reports.
According to him, even if the oil price is $20 per barrel, the development of Azeri-Chiragh-Gunashli and Shakkhdaniz will remain economically profitable. At the beginning of the activity of the Company in Azerbaijan, an issue connected with the oil price at a level of $40 per barrel was not viewed at all, let alone the current oil price at $60.
According to Mr. Woodward, at present, all necessary infrastructures to produce and carry oil has been installed, therefore the oil production will be efficient if the prices are below $20.