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Azerbaijan seeks more scrutiny over BP-led offshore oil project amid anger at output slump

Published: October 15, 2012 | 7:51 am
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BAKU, Azerbaijan – Azerbaijan’s top energy official has urged further scrutiny of the international consortium developing the Caspian Sea nation’s main oil field amid mounting irritation at a slump in output.
Industry and Energy Minister Natiq Aliyev said Monday that the drop-off in production over recent years at the Azeri-Chirag-Guneshli project was “abnormal.”
President Ilham Aliyev said last week that errors by AIOC, the field development consortium led by BP, had cost the country $8 billion in lost revenue.
BP Azerbaijan says it’s working with state oil company SOCAR to address production issues.
Natiq Aliyev insisted criticism should not be interpreted as a signal of worsening conditions for international investors in the ex-Soviet nation.
BP controls a 35.8 percent stake in the project, while SOCAR has 11.6 percent and Chevron has 11.3 percent.

Associated Press

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