26189
BP Keen to Renew Caspian Contract
Energy

BP Keen to Renew Caspian Contract

Oil major BP intends to continue as operator of a key Caspian oilfield complex after the current production-sharing deal expires, according to Azerbaijan’s state oil company. “We are in talks” on the terms of BP extending its role as operator of the Azeri-Chirag-Guneshli, or ACG, fields when the existing agreement expires in 2024, Rovnaq Abdullayev, chief executive officer of State Oil Co. of Azerbaijan, or SOCAR, told reporters in Baku on Friday, Bloomberg reported. Abdullayev’s comments signal a thawing in BP’s relations with the Azeri government, after President Ilham Aliyev three years ago blamed an unexpected decline in oil output from the ACG fields on “grave mistakes” by the British oil producer. Azerbaijan was considering various options for the ACG fields, including making SOCAR the operator. BP, the biggest shareholder in the group developing the ACG fields, gets about 5% of its oil output from the country, according to a 2014 annual report. Others in the development group include Chevron, Exxon Mobil, Statoil, Turkiye Petrolleri, Itochu Corp. and ONGC Videsh.

 

Short URL : https://goo.gl/3Cv2Lf
  1. https://goo.gl/PxSZ2Y
  • https://goo.gl/yaUb4d
  • https://goo.gl/fqOA7i
  • https://goo.gl/ekb9qp
  • https://goo.gl/nztQg8

You can also read ...

China to Become World’s Top Natural Gas Importer
China is expected to become the world's biggest importer of...
South Korea: No Crude Imports From Iran in September
South Korea imported no Iranian crude in September -- for the...
Iran's Jam Petrochem Co. Catering to Local Needs, Export Market
Jam Petrochemical Company in the southern port city of...
Isfahan Loses Hydroelectric Plant to Drought, Worsening Water Shortages
The sole hydroelectric power plant in Isfahan Province was...
By the end of the Sixth Five-Year Economic Development Plan (...

Trending

Googleplus