Azerbaijan 10-Month Oil Output Expands for First Time in 3 Years

Azeri oil production in January through October rose for the first time in three years as a BP Plc-led group stabilized output at the nation’s largest deposit.

The Caspian Sea nation pumped 36.1 million metric tons of oil in the first 10 months, up 0.2 percent, the State Statistics Committee in the capital of Baku said on its website. It fell 7.5 percent in the period last year and 9 percent before that.

Marketable natural-gas output also grew, by 1.9 percent to 14.6 billion cubic meters, the Statistics Committee said today.

BP brought in advisers to stem a drop at the Azeri-Chirag-Guneshli field, which produced 77 percent of Azeri oil in 2012, after President Ilham Aliyev accused it of “grave mistakes.”

The field delivered 24.5 million tons of oil in the first nine months, down 3.1 percent, BP’s Baku office said yesterday. That compares with a 9 percent decline a year earlier.

Its partners include State Oil Co. of Azerbaijan, Exxon Mobil Corp., Chevron Corp. (CVX), Statoil ASA (STL), Itochu Corp. (8001), Turkiye Petrolleri AO and ONGC Videsh Ltd. Azeri oil production is expected to be flat at 40.5 million tons through 2017, Deputy Economy Minister Sevinc Hasanova said in Baku last week.

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

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