BP intends to produce over 42mln tons of Azeri light oil in 2010

The BP Company plans to produce 42.1 million tons of light oil in 2010, under a project to develop the Azeri-Chirag-Guneshli (ACG) bloc of fields in the Azerbaijani sector of the Caspian Sea, BP Azerbaijan President Rashid Javashir told a news conference today, Trend reports.

"During the first three-quarters of 2010, production of Azeri Light oil on the ACG amounted to 30.8 million tons, while the forecast for 2010 overall is 42.1 million tons," Javanshir said. Total capital expenditures on the ACG project have hit $1.149 billion since the start of 2010, while the forecast for the whole year is $1.584 billion. Operating expenses for the period totalled $270million ($587 million provided for 2010).

ACG's participating interests are: BP (operator - 37.43%), Chevron  (11.27%), SOCAR (10%), INPEX (10.96%), Statoil (8.56%), ExxonMobil  (8%), TPAO (6.75%), ITOCHU (4.30%), Hess (2.72%).