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BP's oil, gas production up in Azerbaijan in 2010

BP (BP.L) increased production of oil and gas in Azerbaijan in 2010, though output was still below its initial target, in part due to weaker gas demand from Turkey, the company's regional office said on Wednesday.

BP produced 40.6 million tonnes of oil in Azerbijan in 2010, up from 40.3 million in 2009. Gas output rose to 6.9 billion cubic metres (bcm) from 6.2 bcm the previous year, BP-Azerbaijan said in a press release.

The BP-led AIOC group operates the Chirag, Azeri and Guneshli oilfields in the Caspian Sea and the major Shah Deniz field. BP initially forecast oil production at 42 million tonnes and gas at 7.6 bcm in 2010.

"We have revised our oil production forecast in 2010 to 41 million tonnes, and we have almost fulfilled it," BP-Azerbaijan spokeswoman Tamam Bayatly told Reuters.

"Shah Deniz is able to produce more than 22 million cubic metres of gas per day, but our consumers, first of all Turkey, were not taking big amounts in the summer," Bayatly said.

The group shipped 285.7 million barrels through the Baku-Tbilisi-Ceyhan pipeline, 29.6 million barrels via the Baku-Supsa pipeline and 9.3 million barrels by rail from Azerbaijan to Georgia's Black Sea ports.

BP plans to produce 850,000 barrels per day at the Azeri, Chirag and Guneshli oil fields in 2011, while total output of gas at Shah Deniz is estimated at 8 bcm this year, depending on demand.

Azerbaijan plans to produce 51.5 million tonnes of oil and 28 bcm of gas in 2011, up from 50.83 million tonnes and 26.2 bcm in 2010.

Source: Reuters

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