Thursday, October 21, 2010

BP (NYSE:BP) Group Leads Production Increase in Azerbaijan

Oil and condensate production in Azerbaijan increased by 1.9 percent from January to September, over the same period the year before, based on a group led by BP (NYSE:BP).

Production in that period increased to 38.5 million tons.

Oilfields Azeri, Guneshli and Chirag were where the oil production boost came from, while the Shah Deniz gasfield was where condensate production rose. Condensate production grew to 32.2 million tons in the time period, up from 31.4 million tons in 2009.

Oil production in 2009 came in at 50.38 million tons, an increase of 13.5 percent. In 2010 the goal is to produce 52 million tons of oil in the country.

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