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Tuesday, October 31, 2006

BP raises Azeri oil estimate

26 October 2006 - Bloomberg - BP raised by 20 percent its estimate of proven oil reserves in three offshore fields in the Azeri sector of the Caspian Sea, which the British company is developing with partners. The proven reserves of the Azeri Chirag-Gunashli fields are now estimated at 6.5 billion barrels of crude, up from an earlier 5.4 billion barrels. BP estimates fields in the Caspian Sea might hold another 7.6 billion barrels that aren't proven yet, Interfax reported Wednesday, citing Tair Tairov, a BP manager in Azerbaijan.

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