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BP invested $33 billion in Azerbaijans energy projects

November 02/2011

(Trend) -- As for today, $33 billion has been invested within the framework of the projects at Shah Deniz and Azeri Chirag-Guneshli, as well as those at Baku-Tbilisi-Ceyhan and the South Caucasus gas pipeline, BP Chief Financial Officer Ian Sutherland said at a conference ' Place and Role of the State Oil Fund in Azerbaijan's national oil strategy 'in Baku on Wednesday.


He said 1.8 billion barrels of oil had been extracted from the ACG fields since the project launch and gas production since the beginning of the Shah Deniz project is 26 billion cubic metres to date.


ACG participating interests are: BP (operator - 35.78 %), Chevron (11.27 %), AzACG (11.65 %), INPEX (10.96 %), Statoil (8.56 %), Exxonl (8 %), TPAO (6.75 %), ITOCHU (4.3 %) and Hess (2.72 %).


Reserves of the Shah Deniz field are estimated at 1.2 trillion cubic metres of gas.
The contract to develop the offshore Shah Deniz field was signed on June 4, 1996.


Participants in the agreement are: BP (operator) - 25.5 per cent, Statoil Hydro - 25.5 per cent, NICO - 10 per cent, Total - 10 per cent, LukAgip - 10 per cent, TPAO - 9 per cent and SOCAR-10 per cent.


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