18 Aug 2009 15:31

Azerbaijan could see almost 50% decline in revenue from BP's oil, gas projects in 2009

BAKU. Aug 18 (Interfax) - Azerbaijan is expected to bring in revenue of about $8.35 billion from BP's oil and gas projects in the country in 2009, a 47.8% decrease from last year, BP-Azerbaijan's press service told Interfax.

"In 2008, Azerbaijan earned more than $16.3 billion from BP projects. With oil prices at $50 per barrel in 2009, revenue is projected at $8.35 billion," a company spokesman said.

BP is currently involved in the development of the Azeri-Chirag-Guneshli field, the Shah-Deniz gas condensate field and the prospective Alov-Araz-Sharg block.

BP is also the operator of the Baku-Tbilisi-Ceyhan oil pipeline and a shareholder in the Baku-Tbilisi-Erzerum gas pipeline.