BP Commences Commercial Production of Gas at ACG Field in Azerbaijan

With an annual dividend yield of 4.56%, BP p.l.c. (NYSE:BP) is included among the 10 High Yield Crude Oil Stocks to Buy Now.

BP p.l.c. (NYSE:BP) is a British multinational company recognized worldwide for quality gasoline, transport fuels, chemicals, and alternative sources of energy such as wind and biofuels.

BP p.l.c. (NYSE:BP) announced on June 1 that it had commenced commercial production of non-associated ​gas at the Azeri-Chirag-Gunashli (ACG) field off ‌the coast of Azerbaijan. Moreover, the British energy giant also revealed that it is looking to expand its regional footprint by preparing to take over as the operator of the massive offshore Babek gas field.

ACG is one of the largest oil-producing fields in the world, and it is believed to contain significant NAG resources, with an estimated 4 trillion cubic feet of recoverable reserves and a potential upside to 6 trillion cubic feet. The initial non-associated gas well is a critical first step in unlocking this potential. BP operates ACG with a 30.37% stake in the field.

Gas extracted from the field will be exported to Europe, and marks an important step in Azerbaijan’s efforts of becoming a crucial strategic energy partner for the European Union. The country currently supplies around 5% of the bloc’s total gas demand.

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