BP, SOCAR Discuss ACG Fields Development in Azerbaijan

As a follow up to last week’s London meetings, a group of BP senior executives representing BP’s upstream production, development, and strategy and integration divisions held a 3-day working visit to Baku to continue the discussions about production from the ACG fields, as well as to review BP’s future plans for the region.

The visit included a meeting with SOCAR leadership and a series of internal meetings with BP’s regional leadership and staff.

Bernard Looney, Executive Vice President, Developments, said: “Each of the meetings has been helpful and has contributed to identifying a clear way forward which lays out our immediate tasks ahead. I would like to thank SOCAR’s leadership for their cooperation and intention to work with us as we address ACG production issues for the benefit of the Azerbaijani nation and ACG partners. They clearly want us to be successful, and together we will take the right actions to continue to deliver a world-class business in Azerbaijan.”

The meetings in Baku specifically focused on defining a course of action to address ACG production issues.

We are clear on the priorities and the actions that we will take to further intensify our performance, including drilling, and to maximize production with a continued focus on safety. We remain committed to resolving ACG production issues and in order to do this as quickly as possible we have committed to bringing here BP’s best global resources from all over the world,” said Bob Fryar, BP’s Executive Vice President, Production.

“I would like to highlight that the ACG partnership has been very successful over the past 18 years. We clearly now have a challenge but we are committed to working through it as quickly as possible together with SOCAR, the government of Azerbaijan and our partners.”

Press Release, October 25, 2012

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