Bank Of Baku

AIOC revises upwards Azerbaijan oil output forecast

AIOC revises upwards Azerbaijan oil output forecast
# 03 June 2009 15:49 (UTC +04:00)
Baku. Nijat Mustafayev – APA-Economics. Azerbaijan International Operating Company (AIOC), a consortium of foreign firms involved in the development of Azeri-Chirag-Guneshli, has revised upwards its forecast.

According to Shahmar Movsumov, Executive Director of the SOFAZ, said AIOC’s pessimistic scenario prediction was 35 million tons for 2009.

“However, the consortium has revised its forecast upwards,” he added.

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

ACG participating interests are: BP (operator – 34.1%), Chevron (10.2%), SOCAR (10%), INPEX (10%), StatoilHydro (8.6%), ExxonMobil (8%), TPAO (6.8%), Devon (5.6%), ITOCHU (3.9%), Hess (2.7%).
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