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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.

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