BP's new oil production facility in Azerbaijan's Azeri-Chirag-Gunashli oil field promises to boost the country's earnings and help meet its gas supply commitments.
Azerbaijan will get a welcome earnings boost from BP’s announcement that it has launched production at a new $6-billion facility in Azerbaijan ’s giant Azeri-Chirag-Gunashli oil field. The upgrade can boost the field’s output by as much as 25 percent. Dubbed Azeri-Central-East ACE, the facility consists of a new production platform 130 kilometers offshore in Azerbaijan ’s sector of the Caspian Sea.
As with most oil fields, Azeri-Chirag-Gunashli also produces gas, most of which is pumped back into the field to help increase oil production under the term of field’s production agreement. The remainder belongs to Azerbaijan’s state oil company Socar and is pumped onshore where it is used to supply Azerbaijan’s domestic gas market and to meet the country’s export commitments. Last year the field supplied Socar with 2 billion cubic meters bcm of gas.
Azerbaijan Azeri-Chirag-Gunashli Oil Field Energy Revenue
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