ECONOMY


OIL PRODUCTION TO REACH 800 THOUSAND BARRELS PER DAY

Central Azeri (CA) is currently producing from 11 wells. The platform’s operates with the 91% efficiency.

By the end of September, 2006 production from CA had been about 60 million barrels (about 8 million tonnes).

West Azeri (WA) today produces from five wells. Since the start-up of production in early January the platform has produced about 21 million barrels (about 3 million tonnes) of oil. The second platform-drilled well was put into operation in early October. Production will continue to increase as the company drills more wells from the platform.

East Azeri (EA) started up oil production from the first of eight pre-drilled wells on October 21, four months ahead of schedule. EA completes Phase 2 of the Azeri-Chirag-Gunashli (ACG) field development in the Azerbaijan sector of the Caspian Sea.

The first oil from EA is currently transiting a new subsea pipeline to shore and is expected to reach the Sangachal Terminal in about 10 days.

Oil is currently flowing from one well at a rate of about 25,000 barrels per day (the well however has the potential to produce 38,000 barrels per day on plateau). The oil production is expected to increase through 2007. On plateau, the EA facility will produce 260,000 barrels per day bringing total Azeri production, including West and Central Azeri, to over 800,000 barrels per day.

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