BP: ‘contract of the Century’ may be extended in summer

BP: ‘contract of the Century’ may be extended in summer

The BP company expects the ‘Contract of the Century’ for the further development of the Azeri-Chirag-Gunashli (ACG) block of oil and gas fields in the Azerbaijani sector of the Caspian Sea, to be signed in the middle of 2017, BP’s regional president for Azerbaijan, Georgia and Turkey, Gordon Birrell, said.

According to him, BP is very pleased with the letter of intent signed with Azerbaijan’s state oil company SOCAR for the future development of the block.

Birrell didn’t give any further comment on the details of the new agreement, adding that it is premature to disclose the BP’s vision, plans and schemes of the further development of the ACG, because the negotiations are still ongoing.

On Dec. 23, 2016, the SOCAR and the BP-operated Azerbaijan International Operating Company extended the ‘Contract of the Century’ by 2050, Trend reports.

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