May 17, 2018 / 11:35 AM / 7 months ago

UPDATE 1-BP says its Azeri oil output rises to 597,000 bpd in Q1

(Adds details, background)

BAKU, May 17 (Reuters) - BP said on Thursday that its oil output at its projects in Azerbaijan rose to 597,000 barrels per day (bpd) in the first quarter of 2018 from 581,000 bpd a year earlier.

In the first three months of 2018, the company produced 7 million tonnes of oil in Azerbaijan, BP said.

A BP-led consortium said in a statement that it spent about $102 million in operating expenditure and $260 million in capital expenditure on its operations at Azeri-Chirag-Guneshli (ACG) oilfields in the first quarter.

The consortium said that its Azeri units produced about 2.7 billion cubic metres (bcm) of natural gas and 0.6 million tonnes of condensate at the Shah Deniz field.

It spent about $123 million in operating expenditure and about $415 million in capital expenditure, the majority of which was associated with the Shah Deniz II project. (Reporting by Margarita Antidze and Nailia Bagirova; editing by Andrey Ostroukh and Jason Neely)

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