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36

Oil consortium boosts production in Azerbaijan

The Azerbaijani government has given the formal go-ahead to the next stage of a major oil production agreement with an international oil consortium led by the British oil company, BP. The head of Azerbaijan's state oil company SOCAR signed the agreement, allowing the consortium to increase production at the three offshore oil fields - Chirag, Azeri and Guneshli - it operates.


The Azerbaijani government has given the formal go-ahead to the next stage of a major oil production agreement with an international oil consortium led by the British oil company, BP.
The head of Azerbaijan's state oil company SOCAR signed the agreement, allowing the consortium to increase production at the three offshore oil fields - Chirag, Azeri and Guneshli - it operates.
The consortium says within four years it aims to produce three times the amount of oil it does now, from 100,000 barrels to 350,000 barrels a day.
The consortium will be investing more than $3bn in building oil platforms and a new underwater pipeline to meet the new production targets.
Neftegaz.ru