BP’s Caspian Field Pumps 15 Million Tons of Crude in Five Months

BP Plc and its partners at the Azeri-Chirag-Guneshli oilfield pumped 15 million metric tons of crude from the deposit in the first five months of the year, State Oil Co. of Azerbaijan’s first vice president, Xosbaxt Yusifzada, told a conference in Baku today.

The Caspian-Sea field produced 19 million tons in the first six months of last year, according to data on BP’s website. Five-month figures weren’t available. First-quarter output fell 8.3 percent from a year earlier, BP said last month.

Output from the deposit, known as ACG, has been declining after safety measures were stepped up at oilfields following the Gulf of Mexico spill in 2010. State Oil Co. of Azerbaijan, or Socar, is a partner in the project.

Azerbaijan, the third-largest oil producer in the former Soviet Union after Russia and Kazakhstan, pumped 45.6 million tons of oil and 25.8 billion cubic meters of gas last year.

Before it's here, it's on the Bloomberg Terminal. LEARN MORE