David Woodward, President of BP-Azerbaijan, said part of the money would be brought in by exports of crude from the Azeri-Chirag-Gunashli (ACG) oilfield.
BP-Azerbaijan is the developer and operator of the ACG offshore deposit, which holds an estimated 5.4 billion barrels in oil reserves. Woodward said the project would receive some $20 billion in capital investment at the development stage.
The BP official, attending an international Caspian Oil and Gas conference in the Azerbaijani capital, Baku, said that if world oil prices remained above $60 in the coming years, the country would see its oil earnings double every year, outstripping GDP by a factor of three by 2009.
According to National Oil Company CEO Rovnag Abdullayev, Azerbaijan will produce more than 476 million barrels of oil a year by the end of the decade.
