August 1, 2019 / 12:44 PM / 24 days ago

BP's Azeri oil output falls in first half of 2019

BAKU (Reuters) - Output at BP’s (BP.L) oil projects in Azerbaijan fell to 542,400 barrels per day (bpd) in the first half of 2019 from 596,000 bpd a year earlier, it said on Thursday.

In the first six months of the year, the company produced 13 million tonnes of oil in Azerbaijan, down from 15 million tonnes in the same period of 2018, and 0.9 billion cubic metres (bcm) of associated gas, down from 1.1 bcm a year earlier.

A BP-led consortium said in a statement that it spent more than $272 million (224.70 million pounds) in operating expenditure and more than $657 million in capital expenditure on operations at the Azeri-Chirag-Guneshli (ACG) oilfields in the first half.

The Baku-Tbilisi-Ceyhan pipeline exported more than 120 million barrels (about 16 million tonnes) of crude oil loaded on 149 tankers at Ceyhan.

The consortium said that its Azeri units produced around 8.4 billion standard cubic metres (bscm) of natural gas and around 2 million tonnes of condensate at the Shah Deniz field.

The existing Shah Deniz facilities’ production capacity is currently more than 56 million standard cubic metres of gas per day.

The consortium spent around $376 million in operating expenditure and $555 million in capital expenditure at Shah Deniz, the majority of which was associated with the Shah Deniz II project.

Reporting by Nailia Bagirova and Margarita Antidze; Writing by Margarita Antidze; Editing by David Goodman and Kirsten Donovan

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