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Share Price Information for BP (BP.)

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Share Price: 510.40
Bid: 509.40
Ask: 509.50
Change: -5.40 (-1.05%)
Spread: 0.10 (0.02%)
Open: 516.30
High: 516.60
Low: 506.10
Prev. Close: 515.80
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UPDATE 1-Azeri Q1 oil output up thanks to BP fields, gas falls

Mon, 13th Apr 2015 16:24

(Adds details, background)

BAKU, April 13 (Reuters) - Crude oil and condensateproduction in Azerbaijan rose to 10.6 million tonnes in thefirst quarter of 2015 from 10.4 million tonnes in the sameperiod last year, a source at the State Statistics Committeesaid on Monday.

The source, who declined to be named because he is notauthorised to talk to the press, said rising oil output at themain Azeri, Chirag and Guneshli (ACG) oilfields operated byBritish major BP had been the reason for the overallincrease.

The source added that natural gas production for consumersdeclined to 7.3 billion cubic metres (bcm) in the first threemonths of this year, down from 7.57 bcm a year ago due to adecline in gas production by Azeri state energy company SOCAR.

Crude oil and condensate production in Azerbaijan fell to41.9 million tonnes last year from 43.1 million tonnes in 2013.Natural gas output was 29.2 bcm in 2014.

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

BP and its partner, SOCAR, tried to calm those worries in2013, saying production had stabilised. Total oil output rose in2013 for the first time since 2011, but the decline resumed lastyear.

Azerbaijan plans to produce 40.3 million tonnes of oil and29 bcm of gas in 2015. (Reporting by Nailia Bagirova; Writing by Margarita Antidze;Editing by Vladimir Soldatkin)

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