BP Holds Talks With Azerbaijan to Explore for Gas, AzerTag Says

Azerbaijan is in talks with the international oil company BP Plc to explore for gas in the deepwater section of the offshore Azeri-Chirag-Guneshli (ACG) field, state news agency AzerTag reported, citing Industry and Energy Minister Natig Aliyev.

“Talks are under way on this at the moment. I think that the reserves (of gas at the deepwater section of ACG) can amount to about 500 billion cubic meters,” Aliyev said.

The minister added that Azerbaijan is targeting to extract 300 billion cubic meters of gas from the newly discovered offshore field of Umid (Hope), which the State Oil Co. of the Azerbaijan Republic (Socar) will develop.

To contact the reporter on this story: Zulfugar Agayev in Baku at zagayev@bloomberg.net

To contact the editor responsible for this story: Dick Schumacher at dschumacher@bloomberg.net -0- Jan/16/ :28 GMT

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