May 12, 2020 / 6:57 AM / 2 months ago

BP says oil production at Azeri projects drops to 524,000 bpd in first quarter

FILE PHOTO: The logo of BP is seen at a petrol station in Kloten, Switzerland October 3, 2017. REUTERS/Arnd Wiegmann

BAKU (Reuters) - BP (BP.L) said on Tuesday that oil output at its projects in Azerbaijan declined to 524,000 barrels per day (bpd) in the first quarter of 2020 from 571,000 bpd a year earlier.

Associated gas output at the Azeri-Chirag-Guneshli (ACG) oilfields was 7.9 million cubic metres in the quarter, up from 5.2 million cubic metres a year ago, the BP-led consortium said in a statement.

The oilfields account for most of Azerbaijan’s oil production.

The consortium said it spent about $150 million in operating expenditure and $522 million in capital expenditure on its operations at ACG oilfields in the first quarter.

The consortium said that its Azeri units produced about 4.7 billion cubic metres (bcm) of natural gas and 1 million tonnes of condensate at the Shah Deniz field in the first quarter, up from 4.3 bcm and about 1 million tonnes an year ago.

Reporting by Nailia Bagirova and Margarita Antidze; Writing by Margarita Antidze; Editing by Andrew Heavens

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