BP plc (BP Quick QuoteBP - Free Report) announced that the West Azeri platform, situated in the Caspian Sea at the Azeri-Chirag-Gunashli (“ACG”) oil field, successfully reached a total production of 1 billion barrels in December 2023.

The West Azeri platform is one of the seven ACG production platforms in the Caspian Sea. BP operates the ACG field in partnership with various other companies like SOCAR, MOL, Inpex, ExxonMobil, TPAO, ITOCHU, ONGC Videsh and Equinor. According to BP, the West Azeri platform has been a significant contributor to the 4.3 billion barrels of total ACG production, since its inception in November 1997.

Elkhan Mammadov, BP's vice president Production for the Azerbaijan, Georgia and Türkiye region, noted that it is the second ACG platform to surpass the 1-billion-barrel mark to continue its journey toward the second billion barrels of total production. He also pointed out that this achievement followed the footsteps of the Central Azeri platform, which reached the 1-billion-barrel mark back in July 2021.

Mammadov extended his congratulations to the teams involved, acknowledging their contributions to the success and commending their commitment to safety, efficiency and excellence in delivery.

The West Azeri platform, which commenced production in December 2005, holds a pivotal role in BP's activities in the Caspian Sea. With approximately 200 individuals currently working on the platform, predominantly consisting of Azerbaijani nationals, the project has emerged as a substantial provider of employment opportunities in the region.

Since its inception, West Azeri has witnessed the drilling of more than 40 wells and numerous sidetracks, with 35 of them currently active — 26 producers and nine water injectors. One of the notable wells, C-06, initiated production in 2005 with an initial rate of 35,000 barrels of oil per day. To date, C-06 has yielded an impressive 80 million barrels.

The West Azeri platform currently maintains a production rate of 85,000 barrels per day, playing a crucial role in meeting Azerbaijan's energy needs and contributing to the global oil market.

Zacks Rank & Key Picks

BP currently carries a Zack Rank #4 (Sell).

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