Money News

BP says oil output at Azeri projects falls 8% in H1

BAKU (Reuters) - Oil major BP said on Thursday output at its projects in Azerbaijan fell to 498,000 barrels per day (bpd) in the first half from 542,000 bpd in the same period of last year.

The fields account for most of Azerbaijan’s oil production.

In the first six months of 2020, the company produced more than 12 million tonnes of oil and 1.3 billion cubic metres (bcm) of associated gas in Azerbaijan, BP said.

A BP-led consortium said in a statement its operating expenditure reached $268 million and its capital expenditure $947 million at the Azeri-Chirag-Guneshli (ACG) oilfields in the period.

The consortium said its Azeri units had produced 9.4 bcm of natural gas and 1.9 million tonnes of condensate at the Shah Deniz field.

Its operating expenditure for Shah Deniz stood at $409 million in the first half and its capital expenditure at about $452 million, the majority of which was associated with the Shah Deniz II project.

Reporting by Nailia Bagirova and Margarita Antidze; Writing by Margarita Antidze; Editing by Jan Harvey