BP and partners to invest $ 4.6 bn in Azerbaijan

Dec 24, 2003 01:00 AM

BP and its partners plan to invest $ 4.6 bn in 2004 in the company's three Azeri projects, up from just under $ 4 bn spent this year, BP Azerbaijan's President David Woodward said. He said that the investments in the Azeri-Chirag-Guneshli offshore contract area in the Caspian Sea, which costs a total of $ 8.6 bn, are expected to increase 10 % on the year to $ 2.4 bn in 2004.
It is expected that this year's associated gas output at the Chirag deposit, the only field in the Azeri-Chirag-Guneshli area that has so far been developed, will amount to about 1 bn cm.

By the end of 2004, when the development of the Azeri field starts, the area's total associated gas output is likely to rise to 2 bn cm, which should partially offset Azerbaijan's gas deficit.
The operating costs at the Chirag deposit are estimated at $ 90 mm in 2004, flat on the year. This year, oil output at the deposit is expected at 6.6 mm tons, up from 6.4 mm tons in 2002.

Woodward said a total of nearly $ 1.4 bn will be spent on the Baku-Tbilisi-Ceyhan oil pipeline project in 2004, compared with $ 1.1 bn this year. The pipeline is planned to transport oil from Azerbaijan's Azeri-Chirag-Guneshli offshore field, linking Baku with the Turkish port of Ceyhan on the Mediterranean Sea.
The pipeline's annual throughput capacity is 50 mm tons, which is the amount of oil expected to be produced annually at the Azeri-Chirag-Guneshli area starting 2008. Currently, annual production in the area is approximately 6.5 mm tons.

Source: Neftegaz.RU
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