BP has proposed to increase the oil production in Azerbaijan by one third within the framework of Azeri-Chirag-Guneshli project the contract on which was signed in 1994.

The term of stabile production of over 1mln barrels a day (over 50mln tons a year) in Azeri-Chirag-Guneshli field can be extended from 2009 to 2019, but not from 2009 to 2013 as it was planned earlier, Bill Schrader, the President of BP said in the 15th jubilee International Oil and Gas, Petroleum Refinery and Pertochemistry Conference in Baku. The exhibition and conference was organized by Iteca Caspian.

Increase of world prices of energy resources makes Nabucco pipeline project, designed to export Caspian and Central Asian gas to Europe, more competitive, Volfqanq Sporrer, the regional manager of OMV, an operator of Nabucco, said.

“Following the increase of [world] prices [for energy resources], the prices for transportation [of gas via Nabucco] will also rise, making the project more competitive,” he told Trend Capital in Baku on 5 June.

According to Sporrer, this year Nabucco pipeline company will be involved in marketing the gas consumption markets. It s planned to define the gas demand in the European Union, as well as the tariffs for fuel pumping via this pipeline.