BP, SOCAR officials meet on ACG production declines

11/05/2012
Under criticism from Azeri officials about production declines from the ACG oil and gas fields in the Caspian Sea, BP PLC has held meetings in London and Baku with representatives of State Oil Co. of Azerbaijan Republic (SOCAR) to discuss remedies. Average oil production from Azeri, Chirag, and Gunashli fields last year fell to 717,600 b/d from a peak of 823,000 b/d in 2010, and half-year figures indicate the decline continues. In an Oct. 12 television statement, Azerbaijan President Ilham Aliyev blamed the decline on "numerous mistakes" by the BP-led consortium managing the fields. He said underperformance against targets has cost the government $8 billion. Energy Minister Nati...
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