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Azerbaijan to get bonus of $3.6n from BP-led oil group for new contract

SOCAR seeks 25 percent share in oil fields deal

Photo: Reuters

Photo: Reuters

The Azerbaijan government will receive a one-off bonus of $3.6 billion from the BP-led consortium which develops Azeri-Chirag-Guneshli (ACG) oilfields for the contract extension until 2050, Azerbaijan's president Ilham Aliyev said today.

He also said the remaining oil reserves of ACG oilfields stand at 500 million tonnes.

Azerbaijan's state energy firm SOCAR plans to more than double its share in a new production sharing agreement with BP for the development of the country's biggest oilfields, SOCAR First Vice-President Khoshbakht Yusifzadeh told reporters today.

Yusifzadeh said that under a new draft agreement SOCAR's share would rise to 25 percent from 11.65 percent. The shareholders in the consortium include BP, SOCAR, Chevron, Inpex, Statoil, ExxonMobil, Turkish Petroleum, Itochu and ONGC Videsh.

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