Middle East Economic Survey

VOL. XLVIII

No 32

8-August-2005

Caspian

BP Azerbaijan Reports Steady Progress For 1H 2005, But Costs Exceed Projection

BP Azerbaijan reported in its latest quarterly business update that capital expenditure for development activities in the offshore Azeri-Chirag-Guneshli (ACG) oilfields for 2005 were expected to amount to $2.624bn, compared to the projected $2.311bn. BP Azerbaijan Associate President David Woodward on 27 July said the increase in capital expense was due...