UPDATE 1-BP says Azeri fields could contain, produce more oi
ju4 wa4i dia4n zo1ng he2 ba4o da4o :\n  (Adds quotes, background)\nBAKU, June 4 (Reuters) - Oil major BP's <BP.L> Azeri oil\ngroup may produce much more oil than previously expected from\nits three Caspian Sea fields and sustain production longer than\nthought, a company executive said on Wednesday.\nBP's head in Azerbaijan, Bill Schrader, told an industry\nconference in Baku that the group expected to produce 9 billion\nbarrels of oil over the three fields' lifespan due to\ndevelopment of new reservoirs and use of new technologies.\nThe group has previously estimated the reserves of the three\nfields, known as Azeri-Chirag-Guneshli (ACG), at 5.4 billion\nbarrels.\nAdvanced technology and two new platforms, the first to be\nbuilt at the Chirag field in 2013 and the second at the Azeri\nfield in 2015, are behind the increase.\n"In a field as large as ACG, these intensive advanced\ntechnologies can potentially add in excess of a billion barrels\nof oil," Schrader said.\nEach new platform will allow for an additional 100,000\nbarrels per day.\n"These extra decisions will allow us to reach total final\nproduction of 9 billion barrels of oil," Schrader said. "It's\nimportant to take into account world oil prices, technology and\nraising the needed funding."\nHe said the group would be able to sustain peak production\nof 1.1-1.2 million barrels per day between 2009 and 2019, much\nlonger than previously thought.\nOil is exported mainly via the pipeline from Baku to the\nTurkish Mediterranean port of Ceyhan. U.S. major Exxon Mobil <XOM.N> is the only participant in\nthe ACG project that ships oil via other routes.\n(Reporting by Lada Yevgrashina, writing by Amie Ferris-Rotman)\n((amie.ferris-rotman@reuters.com, 7 495 775 12 42, Reuters\nMessaging: amie.ferris-rotman.com@reuters.net))\nKeywords: BP AZERBAIJAN/