BP greenlights $6-bln Azerbaijan investment

BAKU, April 19, 2019 – A BP-led development in Azerbaijan’s Caspian Sea waters will see a USD 6-billion investment, SOCAR announced on Friday.

The investment at the Azeri-Chirag-Guneshli development will involve a new drilling, production and accommodation platform, Azeri Central East.

With a processing capacity of 100,000 bpd, the platform will operate in 140 metres of water. Its construction is set to last until mid-2022.

In September 2017, BP and SOCAR renewed the PSC for the Azeri-Chirag-Guneshli offshore fields. When originally signed between SOCAR and a consortium of 11 majors in 1994, the PSC was dubbed the Contract of the Century. It became the model for oil and gas development in the country.

Read our latest insights on: