BP CEO Meets Azeri President, Socar on Plans to Stem Output Drop

BP Plc Chief Executive Officer Bob Dudley met with Azeri President Ilham Aliyev and State Oil Co. of Azerbaijan President Rovnaq Abdullayev to discuss efforts to stem a drop in output that drew criticism from the government.

The measures would “quickly” stabilize oil production in the Caspian Azeri-Chirag-Guneshli field, Abdullayev said today in a statement. Partners in the largest Azeri deposit completed plans for its short and long-term development, the Baku-based state oil producer, known as Socar, said in the release.

Dudley “gave a positive assessment” of the work carried out in the past three months, according to the statement.

BP replaced regional managers to “address the technical challenges” of the field after ACG output fell 12 percent in the first half, drawing criticism of the company from Aliyev.