BP Reports Output Fall in Azerbaijan

Oil output at BP-led oilfields in Azerbaijan in 2016 edged down to 630,000 barrels per day from 634,000 bpd a year ago, BP-Azerbaijan said on Tuesday. Natural gas production from the Shah Deniz offshore fields in Azerbaijan was about 10.7 billion cubic meters and condensate output was 2.5 million tons, up from 9.9 bcm of gas and 2.3 million tons of condensate in 2015, Reuters reported. The Azeri-Chirag-Guneshli (ACG) oilfields account for most of Azerbaijan's oil production. Natural gas is produced at Shah Deniz offshore field, which is estimated to contain 1.2-1.5 trillion cubic meters of gas. BP said on Tuesday ACG operating expenditure was $503 million and capital expenditure was $1.45 billion in 2016. The Shah Deniz consortium had spent about $469 million in operating expenditure and $3.7 billion in capital expenditure last year. Azerbaijan's oil output totaled 41.03 million tons in 2016, down from 41.7 million tons a year earlier. Natural gas output was 29.33 bcm last year, down from 29.72 bcm in 2015.