Industry and Energy

Home page

Industry and Energy

BP reaches 1 billion barrels milestone in Azerbaijan

15 April 2009 09:31 (UTC +04:00)

Baku. Nijat Mustafayev â€“ APA-Economics. UK supermajor BP celebrates its 100 year anniversary, following its establishment in 1909 to develop the Masjid-i-Suleiman field in Iran, the first commercial oil discovery in the Middle East.

The oil major described one hundred years in business â€œas a significant achievementâ€ in a statement.

Summarizing 15-year cooperation with Azerbaijan in hydrocarbon exploration and production as successful, BP said over 1 billion barrels of oil has to date been produced from Azeri-Chirag-Guneshli (ACG), the largest oil field in the Azerbaijan sector of the Caspian basin, and more than half of the output has been pumped to world markets through the Baku Tbilisi Ceyhan (BTC) Pipeline which spans three countries from the Caspian Sea to the Mediterranean coast.

The company said Shah Deniz Gas and Condensate field, BP’s largest operated discovery since Prudhoe Bay, will benefit the people of Azerbaijan in next decades.

BP said it remains committed to exploring huge hydrocarbon reserves in the Caspian basin.

BP is the operator of major projects in the Azerbaijan sector of the Caspian Sea, and in the trans-Caucasus region.