In 2014 volume of oil production on the block of Azeri-Chirag-Gunashli fields in the Azerbaijani sector of the Caspian Sea will hit 35 million tons, head of the State Oil Company of Azerbaijan (SOCAR), Rovnag Abdullayev told journalists on Thursday.
He said at present a production program on the block for 2013 is being considered and it is expected that next year volume of production on the block will be not less than the figure of 2012.
He also said that work is underway within the Chirag oil project and by late 2013 within this project wells will be commissioned.
Accordingly, in 2014 production volume will hit 35 million tons, Abdullayev said.
He said in accordance with a long-term program of development of the field for 2014-2024, it is planned to maintain this volume of production within long period of time.
Earlier addressing a meeting of the Cabinet of Ministers to discuss the results of the country's socio-economic development in nine months of 2012, and outline further priorities, President of Azerbaijan Ilham Aliyev said that serious mistakes of international consortium (Azerbaijan International Operating Company), operator of which is the company BP, led to a sharp decline in oil production on the Azeri and Chirag fields.
The contract on the Azeri-Chirag-Guneshli full field development was signed in 1994.
Participants of the project to develop Azeri-Chirag-Guneshli are: BP (operator - 35.83 percent), Chevron (11.27 percent), Inpex (10.96 percent), AzACG (11.6 percent), Statoil (8.56 percent), Exxon (8 percent), TPAO (6.75 percent), Itocu (4.3 percent) and Hess (2.72 percent). Hess has sold its share to Indian ONGC, the transaction will be completed in the first quarter of 2013.