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BP fuel card news: BP to increase Azerbaijan oil output

24 February, 10
BP intends to increase oil and gas output at two of its deposits in Azerbaijan, Reuters has reported.

The firm plans to extract 42.1 million tonnes of oil at its oilfield in the Azerbaijan sector of the Caspian Sea this year, which works out at 854,000 barrels a day. This is up from the 40.3 million tonnes produced in the fields last year and 35.9 million tonnes in 2008.

The field, which is known as the Azeri, Chirag and deepwater portion of the Gunashli (ACG) oilfield, has been a big producer for BP. According to BP's website: "In 2007, four of BP's top ten gross producing wells worldwide were in the ACG field," and in 2008, three of the company's top 15 were in the field.

BP has said it will increase its spending on the ACG fields this year from the $1.7 billion (£1.1 billion) it spent last year to $2.7 billion.

Azerbaijan's offshore gas deposit Shakh Deniz, which is also part owned by BP, is also to receive an increase in spending from the company.

Posted by Nick JenkinsADNFCR-2675-ID-19633710-ADNFCR

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BP fuel card news: BP to increase Azerbaijan oil output