BP fuel card news: Azerbaijan project gets go-ahead
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10 March, 10 A BP-led group has been given the go-ahead for a $6.0 billion (£4.0 billion) project in Azerbaijan. The Chirag Project plans to use a new offshore facility to increase oil production. BP has said it expects the first oil from the development in 2013. The investment will allow recovery of an additional 360 million barrels of oil from the Azeri-Chirag-Gunashli (ACG) field. BP is the main partner in the ACG group, which includes Chevron and ExxonMobil, and holds a stake of 34.1 per cent. The potential recovery of oil from the field is estimated to be over 5.0 billion barrels. Around 1.4 billion barrels have been recovered since 1997, when the field was launched. In 2009, Azerbaijan extracted 23.6 billion cubic metres of natural gas and 50.4 million tonnes of oil. The ACG field is the chief source of oil for BP's Baku-Tbilisi-Ceyhan pipeline, which transports oil from the Caspian Sea to the Mediterranean. Posted by Nick Jenkins 
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