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Gaz de France Norge is part of the newly established GDF SUEZ group – a world leader in energy. We are on the lookout for talented individuals to help us grow as a major player on the Norwegian continental shelf.
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Origin Energy
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Gaz de France Norge
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Well woe hits AGC output targets
By Upstream staff
BP-led AIOC has cut its 2007 oil output target from its Azeri fields on the Caspian Sea by 22,000 barrels per day to 686,000 bpd thanks to larger water and gas yields at a number of wells at the Azeri-Chirag-Guneshli (ACG) fields, AIOC boss Bill Schrader said today.
Schrader told Reuters the group was working to stabilise output at the giant ACG fields, which produced an average of 682,000 bpd of oil in the first six months of this year.
AIOC has said oil production is expected to reach over 1 million bpd later this decade to help the group fill the Baku-Ceyhan pipeline from the Caspian Sea to Turkey's Mediterranean coast.
Today it confirmed it would spend around $100 million to expand the pipeline's capacity to 1.2 million bpd from the current 1 million bpd in 2008.
"We are considering expanding the pipeline's capacity to 1.6 million bpd, but it will take several years. So far, 1.2 million bpd will suit us," said AIOC's deputy head Rashid Dzhevanshir.
The ACG fields' partners include ExxonMobil, Devon Energy, Japan's Inpec and Itochu, Turkey's TPAO and Azeri state oil outfit Socar.
Apart from Ceyhan, its oil is sporadically sent to three Black Sea outlets - Russia's Novorossiisk and Georgia's Supsa and Batumi.
Wednesday, 15 August, 2007, 17:54 GMT | last updated: Wednesday, 15 August, 2007, 17:54 GMT
