BP has started oil production at a new Azeri Central East (ACE) offshore platform in the Caspian Sea, the company said on April 16, bolstering declining oil output in the ex-Soviet country.
The ACE platform is the seventh oil platform installed in the giant Azeri-Chirag-Gunashli (ACG) field in the Caspian Sea. ACG first began production in 1997 and has since produced more than 4.3 Bbbl of oil.
Azerbaijan oil production has been in decline since passing peak output of about 1 MMbbl/d in 2011-2012 and has been producing below its quota under the OPEC+ agreement among leading oil producers.
BP said the ACE platform and related facilities are designed to process up to 100,000 bbl/d and the project is expected to produce up to 300 MMbbl over its lifetime.
ACE production is expected to increase through 2024 to about 24,000 bbl/d as two more wells are drilled, completed and brought online, the company said.
Recommended Reading
SilverBow Resets Shareholder Meeting After $2.1B Crescent Deal
2024-05-16 - SilverBow Resources said it will adjourn its May 21 shareholders’ meeting until May 29 following Crescent Energy’s agreement to buy the Eagle Ford operator.
Blue Racer Midstream Prices Senior Notes Offering
2024-05-15 - Net proceeds from the sale of senior notes will be used to pay off debt and other general corporate purposes.
Petrobras CEO Prates to Step Down
2024-05-15 - Brazil’s President Luiz Inácio Lula da Silva has requested that Petrobras CEO Jean Paul Prates resign following a dispute over dividend payments.
Pembina Pipeline to Renew Share Repurchase Program
2024-05-14 - Pembina Pipeline has approval from the Toronto Stock Exchange to purchase up to 5% of its outstanding common shares.
ProPetro Adds Exxon Designee Volkov to Board
2024-05-14 - Alex Volkov is currently the transition executive tasked with planning the integration of Pioneer Natural Resources and Exxon Mobil.