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Saturday, 29 October 2016


BP robs Azerbaijan of "black gold"?

2012-10-17 14:48

BP robs Azerbaijan of "black gold"?. 28493.jpeg

British oil and gas company BP, the operator of the contract to develop the field "Azeri-Chirag-Guneshli" which is called "contract of the century" in Azerbaijan, is not fulfilling its obligations. This statement was made at the Cabinet meeting on the outcome of the socio-economic development for the 9 months of 2012 by the President of Azerbaijan Ilham Aliyev. According to him, this has led to the fact that the country has lost about % 8.1 billion dollars of revenue since 2009.

Citing specific figures, the President noted that in 2009 the BP forecasted the production of about 46.8 million tons of oil in the fields "Azeri" and "Chirag". In fact, there were produced about 40.3 million tons. In 2010, it was planned to produce 42.1 million tons, but the figure was 40.6 million. In 2011, there was expected 40.2 million, but actually they managed to produce only 36 million. The announced figure for 2012 is 35.6 million tons. It can be assumed that by the end of the year, the BP would not be able to produce more than 33 million tons of "black gold" in these fields.

Decline took place after the change in the equity section in the given block of fields in favor of Azerbaijan. The country's share increased from 25% at baseline to 75% in mid-2008. After this oil production in the fields "Azeri" and "Chirag" began to decline.

President said that the leadership of the BP has accepted all the arguments of the Azerbaijani side and promised to remove all the shortcomings, to amend the work program and punish the perpetrators in a short time. But over time, the situation has not changed. "I think there is a process of delaying. I think it is completely unacceptable. State oil companies have been instructed to officially raise the issue to take the necessary measures", the president said.

Despite the statement by the President of Azerbaijan that his words are purely economic in nature, many international experts consider this speech a political move. According to The Telegraph, the worst thing is that the political leader of Azerbaijan, considered friend of the corporation, criticizes it at the wrong time - it is still overcoming the effects of an environmental disaster in the Gulf of Mexico. After this, the prospects for BP in the Russian business field are more than vague, and the negotiations with the U.S. government are overshadowed by the presence of shiny oil slicks on the surface of the bay.

Forbes believes that in the early and mid-1990s, the geologists could assume a lot and see the most promising outlook. However, the realities of production make adjustments to the plans. A consortium led by the BP as the operator spends about $ 2 billion a year in order to maintain production at the fields "Azeri", "Chirag" and "Guneshli" on the same level. And the costs seem not to reduce in the next two to three years. And it is necessary to invest even more money in order to return to the level of oil production of 800 thousand barrels per day.

Expressing his attitude to the situation, the Minister of Energy Natiq Aliyev stated that the sharp drop in oil production in the field "Azeri-Chirag-Guneshli" should be seriously well-reasoned. The Minister stressed they are developing an annual program, which must include all activities, and "they must be justified". "When we are expecting one level of production, and we see the figures significantly different from the planned, this means that either the program has been drawn up improperly or activities that were conducted in order to stabilize oil production are not sufficient", Natik Aliyev summed up.

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