BAKU, Azerbaijan, Sept. 2 (UPI) -- More than $25 billion was spent on developing the natural resources in Azerbaijan since work started in 1994, British energy company BP said.
BP said it spent $29.5 billion on developing the giant offshore Azeri-Chirag-Guneshli oil field in the Azeri waters of the Caspian Sea, the giant Baku-Tbilisi-Ceyhan oil pipeline and the Shah Deniz gas field, the Azeri news agency News.Az reports.
BP completed in August the acquisition of a minor stake in the ACG field from Devon Energy.
A steering committee from BP approved a $6 billion plan in April to increase oil production at the offshore oil field.
Baku oil production was up for 2010, with the bulk of the production coming from the ACG field.
Most of the estimated 7 billion barrels of proven oil reserves in Azerbaijan lie in the ACG field, listed as the world's third largest.
Oil production from the Azeri-Chirag-Guneshli averaged 800,000 barrels per day in 2009, the Azeri report added.
BP is offloading other parts of its overseas assets to pay off claims from the Gulf of Mexico oil spill.
