08.06.2008
BP Plc is confident new technology will allow it to extend peak production of one million barrels per day at its Caspian Sea oil fields from 2013 to 2019, said Bill Schrader, president of BP Azerbaijan.
Total output at BP's Azerbaijani fields, known as Azeri-Chirag-Guneshli (ACG), may now reach 9 billion barrels over their lifespans, he told a Caspian Sea oil and gas conference in Baku.
BP started production from the deepwater Gunashli field in April, with output expected to ramp up through 2008 as more wells are brought on stream. It expects peak output from Gunashli to reach 320,000 barrels a day, bringing the total ACG production to over 1 million barrels a day.
Schrader added the group was on track to extract eight billion cubic meters of gas from Shah Deniz by the end of the year.
"The future possibilities we see here are truly promising," he said, adding Shah Deniz is "one of the world's largest and most challenging gas fields."
BP is the operator of both ACG and Shah Deniz projects.
Source: Xinhua News
