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Friday, June 29, 2007

Aliyev unveils ACG booster

19 June 2007 - Upstream OnLine - Azerbaijan has raised the estimates for reserves in the Azeri-Chirag-Guneshli (ACG) oilfields to 1.2 billion tonnes (8.82 billion barrels) from a previous estimate of 900 million tonnes (6.6 billion barrels), President Ilham Aliyev said today. The ACG fields are the main source of crude for the Baku-Ceyhan pipeline, which will eventually pump more than 1 million barrels per day from Azerbaijan to the Turkish Mediterranean coast. Both ACG and Baku-Ceyhan are operated by BP. Aliyev, addressing a regional summit, gave no explanation for the raised estimate. "If we need to, by 2010, we can produce 65 million tonnes per year (1.3 million bpd) from all of our fields," Reuters quoted Aliyev as saying. "We can pump as much crude as we need to."

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