Bloomberg News

BP’s Caspian Sea Crude Exports Fall After Oilfield Output Slumps

November 27, 2012

BP Plc (BP/)’s oil exports from the Azeri Sangachal terminal fell in the first nine months of the year as production from the offshore Azeri-Chirag-Guneshli field shrank.

The terminal on the Caspian Sea’s western shore shipped about 216 million barrels in the period, a decline of 5.5 percent from a year earlier, BP said by e-mail late yesterday.

Of the total, 189 million barrels were exported via the BP- led Baku-Tbilisi-Ceyhan pipeline and about 22 million barrels through the Western Route Export Pipeline, also operated by the company. The remaining 5 million barrels were exported by rail.

Nine-month production at Azeri-Chirag-Guneshli, known as ACG, fell 9.3 percent to 187.4 million barrels, or 25.3 million metric tons, BP said. Azeri President Ilham Aliyev last month blamed “grave mistakes” by the company for the decline at ACG, which accounted for 78 percent of the nation’s output last year.

The Sangachal terminal has a daily capacity of 1.2 million barrels of oil and 39.5 million cubic meters of natural gas, according to London-based BP.

To contact the reporter on this story: Zulfugar Agayev in Baku at zagayev@bloomberg.net

To contact the editor responsible for this story: Hellmuth Tromm at htromm@bloomberg.net


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