BP says 2016 oil output at Azeri projects down to 630,000 bpd
Oil output at BP-led oilfields in Azerbaijan in 2016 edged down to 630,000 barrels per day (bpd) from 634,000 bpd a year ago, BP-Azerbaijan said.
Natural gas production from the Shah Deniz offshore fields in Azerbaijan was about 10.7 billion cubic metres (bcm) and condensate output was 2.5 million tonnes, up from 9.9 bcm of gas and 2.3 million tonnes of condensate in 2015.
The Azeri-Chirag-Guneshli (ACG) oilfields account for most of Azerbaijan’s oil production. Natural gas is produced at Shah Deniz offshore field, which is estimated to contain 1.2-1.5 trillion cubic metres of gas.
BP said on Tuesday ACG operating expenditure was $503 million and capital expenditure was $1.45 billion in 2016. The Shah Deniz consortium had spent about $469 million in operating expenditure and $3.7 billion in capital expenditure last year.
Azerbaijan’s oil output totalled 41.03 million tonnes in 2016, down from 41.7 million tonnes a year earlier. Natural gas output was 29.33 bcm last year, down from 29.72 bcm in 2015.