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BP looks to Azeri cash to meet production targets

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BP looks to Azeri cash to meet production targets

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British oil giant BP will need subsidies from Azerbaijan’s government to prevent a further slide in output at its Azeri oil project.

Oil executives and diplomats think massive additional investment is needed to hit original production targets of one million barrels per day.

Since the third phase of the project came online in 2008, output had averaged less than 700,000 barrels.

BP needs to set aside billions in additional money to cover fines relating to the major 2010 oil spill in the Gulf of Mexico.