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BP-Led Caspian Venture Produced 13% Less Oil in 2011, Turan Says

BP Plc and its partners developing the Azeri-Chirag-Guneshli project in Azerbaijan’s section of the Caspian Sea produced 35.3 million metric tons of oil last year, down 13 percent from the previous year, Turan said.

Condensate output from the Shah Deniz field, being developed by another BP-led group that includes Statoil ASA and State Oil Co. of Azerbaijan, fell almost 16 percent to 1.6 million tons, the privately owned news service reported, without specifying where it got the information.

Tamam Bayatli, a spokeswoman for BP in the Azeri capital of Baku, said the company will release output figures for Azeri-Chirag-Guneshli, known as ACG, and Shah Deniz later this month.

Azerbaijan, the third-largest oil producer in the former Soviet Union, decreased crude production 11 percent to 45.4 million tons last year, while natural gas output fell 2.4 percent to 25.7 billion cubic meters.

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