OREANDA-NEWS. May 06, 2010. BP-led consortium Azerbaijan International Operating Company (AIOC) failed to increase oil production from contract field block Azeri-Chirag-Gunashli in the Azerbaijani sector of the Caspian Sea up to target figures in the first quarter of 2010.

BP Azerbaijan informs that in the 1st quarter the block was produced on average 797,300 bpd that allowed production of 72 million barrels (9.7 million tons) of oil.

Following 2009 daily oil production was on average 817,000 barrels and in 2010 it is expected to grow up to 854,000 bpd.

Increase of oil production from 40.3 million tons (298 million barrels) up to 42.1 million tons is expected respectively.

The AIOC members are: BP (operator – 34.1%), Chevron (10.2%), SOCAR (10%), INPEX (10%), StatoilHydro (8.6%), ExxonMobil (8%), TPAO (6.8%), Devon (5.6%), ITOCHU (3.9%), and Hess (2.7%).

The Agreement on ACG exploration and development was signed on 24 September 1994. Production of the first oil started in 1997.