Bloomberg News

Azeri Oil Output Drop Slows in January-May as BP Stems ACG Drop

June 12, 2013

Azerbaijan’s decline in oil output slowed in the first five months as BP Plc (BP/) stabilized production at the country’s largest deposit.

The Caspian Sea nation pumped 18.1 million metric tons of crude in January through May, a decline of 2.2 percent from a year earlier, according to data published today on the website of the State Statistics Committee, based in the capital of Baku. That compares with a 7.5 percent slide in the period a year ago.

BP Regional Manager Gordon Birrell last week said output at the offshore Azeri-Chirag-Guneshli field had stabilized at an average 660,000 barrels a day in the first five months. The field, known as ACG, cut production by 7 percent last year.

ACG, where partners include State Oil Co. of Azerbaijan, or Socar, Statoil ASA (STL), Exxon Mobil Corp., and Chevron Corp. (CVX:US), produced 32.9 million tons of oil last year, or 77 percent of the country’s total output.

Azerbaijan’s production of marketable natural gas held at 7.4 billion cubic meters in the first five months after growing 8.5 percent a year earlier, according to the committee’s data.

The country increased production of marketable gas by 5.4 percent to 17.2 billion cubic meters last year. The country exports the fuel to Russia, Georgia and Turkey.

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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