BP Set to Keep Key Caspian Oil Fields After Azeri Deal Expires
- Socar CEO says negotiating terms for ACG deal extension
- BP gets about 5% of its oil production from Azerbaijan
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BP Plc is poised to continue as operator of a key Caspian oil-field 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. He declined to give further details.