BP’s Caspian Field Output Declines on Maintenance, Trend Says

Output from the BP Plc-led Azeri- Chirag-Guneshli field in the Caspian, the largest Azeri oil deposit, is falling because of maintenance and safety measures, Trend said, citing Industry and Energy Minister Natiq Aliyev.

The field, also known as ACG, is “quite young,” and so lower production can’t be attributed to natural declines, Aliyev said in the Azeri capital of Baku, according to the private news service.

ACG production plunged 12 percent in the first half of 2012 from a year earlier, according to data on BP’s website. The field produced 35.4 million metric tons of oil last year, or 77.6 percent of Azerbaijan’s total output.

Aliyev said Azerbaijan doesn’t need to produce larger volumes and plans to keep output at no less than 40 million tons of oil a year.

The third-largest oil producer in the former Soviet Union pumped 45.6 million tons of oil last year, a decline of 10.2 percent from a year earlier.

To contact the reporter on this story: Zulfugar Agayev in Baku at zagayev@bloomberg.net

To contact the editor responsible for this story: Hellmuth Tromm at htromm@bloomberg.net

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.