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BP Gets Deal to Develop Gas in Azerbaijan

Service : Economy
TEHRAN, May 7 (ICANA) – Azerbaijan's parliament has cleared BP to develop an offshore gas field that may hold up to 500 billion cubic meters of natural gas.
Saturday, May 07, 2011 8:53:41 PM
BP Gets Deal to Develop Gas in Azerbaijan

Parliament deputy speaker Valekh Aleskerov said Friday that the production-sharing agreement with the state energy company includes a four-year exploration period and will be valid for at least 30 years.

The block covers an area of around 1,100 square kilometers (425 square miles) and has not previously been explored, businessweek.com reported.

BP Exploration Azerbaijan Ltd. and Azerbaijan's state-owned SOCAR will each control a 50 percent interest in the Shafag-Asiman concession.

The deal is a confidence-booster for BP, whose global reputation has been battered by last year's disastrous oil spill in the Gulf of Mexico.

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