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Share Price Information for BP (BP.)

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Share Price: 505.00
Bid: 504.60
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Change: -1.20 (-0.24%)
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UPDATE 1-Azeri oil output up for first time since 2013

Fri, 13th Feb 2015 13:30

(Adds info on gas output, background)

BAKU, Feb 13 (Reuters) - Crude oil and condensate productionin Azerbaijan rose to 3.7 million tonnes in January from 3.6million tonnes in January 2014, the first monthly increase since2013, a source at the State Statistics Committee said on Friday.

The source, who declined to be named as he is not authorisedto talk to the press, said rising oil output at the main Azeri,Chirag and Guneshli (ACG) oilfields operated by British major BP had been the reason for the overall increase.

The source added that natural gas production for consumersrose to 1.8 billion cubic metres (bcm) in the first month ofthis year, up from 1.6 bcm a year ago.

Crude oil and condensate production in Azerbaijan fell to41.9 million tonnes last year from 43.1 million tonnes in 2013.

Falling output at the ACG oilfields has been a cause ofconcern in Baku.

BP and its partner, Azeri state energy firm SOCAR, tried tocalm those worries in 2013, saying production had stabilised.Total oil output rose in 2013 for the first time since 2011.

But the decline continued last year. Output from the ACGfields fell to 24.2 million tonnes, or an average 655,700barrels per day (bpd) in January-September from 663,200 bpd inthe same period in 2013 and 656,000 bpd in the first half of2014, BP-Azerbaijan said in November.

BP started maintenance work at the Central Azeri and WestAzeri platforms on Oct. 31, halting operations for a month, in amove that could further reduce oil production in the country.Production resumed on Nov. 27.

Azerbaijan plans to produce 40.6 million tonnes of oil and29 bcm of gas in 2015. (Reporting by Nailia Bagirova; Writing by Margarita Antidze;Editing by Elizabeth Piper)

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