BP: Program will be prepared to prevent sharp decline in production at ACG

By the end of this year, there are plans to prepare a program to prevent a sharp decline in oil production at the Azeri-Chirag-Gunashli (ACG) block of oil and gas fields in the Azerbaijani sector of the Caspian Sea, BP Vice President for the Middle East and Caspian Communications and External Affairs Bakhtiyar Aslanbayli told Report.

He noted that the issue of slowing down the rate of decline in production at ACG has been the subject of discussion for a long time.

“Discussions on ways to prevent a decline in production rates are not new and have been going on for a long time. This is a continuous process carried out with the State Oil Company of Azerbaijan (SOCAR),” Aslanbayli added.

He noted that the decline in oil production at ACG was expected, but its pace exceeded expected levels.

“As a result of the negotiations, a certain program will probably be prepared in 2024 to prevent a sharp decline in production,” Aslanbayli added.