BP follows through on ACG commitment

Azerbaijan

BAKU, June 1, 2017 – BP is expected to sign its contract for the extension of its production-sharing contract for the Azeri-Chirag-Guneshli fields off Azerbaijan later this month, thus following through on its December 2016 letter of intent.

With the signing, BP will proceed with the development of the assets until 2050, 26 years beyond the duration of the existing 30-year production-sharing agreement signed in 1994.

Questioned on timeframe, BP Regional Head for Azerbaijan, Georgia and Turkey Gary Jones said that the end of the month would be “a very reasonable time for it.” President Ilham Aliyev made similar comments earlier on Wednesday.

In addition to operator BP, shareholders in the Azerbaijan International Operating Company joint venture are Chevron, ExxonMobil, INPEX, ITOCHU, ONGC Videsh, Statoil and Turkish Petroleum.

In a separate development, BP is reportedly preparing to instal the first topsides at the Shah Deniz Stage 2 project, featuring lodgings for about 100 people.

Read our latest insights on:

• Azerbaijan

Previous

Saudi set for new shipbuilding complex

Next

Shell acquires attractive Trinidad acreage