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BP confirms deal on Caspian field production

BAKU, AZERBAIJAN -- BP  confirmed Wednesday that it had reached an agreement with the State Oil Company of Azerbaijan Republic on how to stabilize production in the Azeri-Chirag-Guneshli field in the Caspian Sea.

"We are clear on the priorities and the actions that we will take to further intensify our performance, including drilling, and to maximize production with a continued focus on safety," said Bob Fryar, BP' s executive vice president of production.

Earlier, SOCAR President Rovnag Abdullayev said the two sides had reached a deal that is expected to result in the production of 33 million tons of oil from the field in 2013 and 35 million tons in 2014.

10/24/2012

 

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