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Share Price Information for BP (BP.)

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Share Price: 513.30
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Change: -2.50 (-0.48%)
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Open: 516.30
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Azeri oil exports decline 1.8 pct in Jan-Aug 2014

Tue, 16th Sep 2014 13:09

BAKU, Sept 16 (Reuters) - Azerbaijan's oil exports fell 1.8percent year on year in the first eight months of 2014, a sourceat the State Statistics Committee said on Tuesday, driven bydeclines at fields operated by BP.

The committee source said Azerbaijan exported 22.788 milliontonnes of oil, down from 23.155 million in the same eight monthslast year.

Falling output at the main Azeri, Chirag and Guneshli(ACG)oilfields has raised concerns in Baku.

BP and its partner, Azeri state energy firm SOCAR, have tried to calm those fears, saying production has stabilised.Total oil output grew last year for the first time since 2011.

Azerbaijan's oil and condensate output fell 2.1 percent to28.7 million tonnes in January-August this year from 29.3million in the same period 2014, a source at the StateStatistics Committee said last week, driven by declines atfields operated by BP.

Exports of oil via Russia through the Baku-Novorossiiskpipeline amounted to 678,728 tonnes in the eight months, downfrom 1.163 million.

Exports through the Baku-Supsa pipeline via Georgia rose to2.823 million tonnes from 2.622 million, while exports throughBaku-Tbilisi-Ceyhan via Georgia and Turkey were 18.651 milliontonnes, down from 18.741 million.

Oil exports shipped by a rail via Georgia rose to 634,802tonnes from 628,331.

BP said earlier this year that ACG oil production in 2014might be slightly lower than in 2013 as the company plannedmaintenance work at the Central Azeri and West Azeri platforms,halting operations for a couple of weeks.

It did not say when the work would start.

Output from ACG fell to an average of 656,000 barrels perday (bpd) in the first half of 2014 from 672,000 bpd in the sameperiod last year, although production in the first half wasstill higher than the average of 645,800 bpd produced in thefirst three months of the year, BP-Azerbaijan said last month. (Reporting by Nailia Bagirova; Writing by Margarita Antidze;editing by Jason Neely)

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