Volume of investments of BP and its partners in Azerbaijan's oil & gas projects named

To date BP company and its partners have invested about $ 40 billion in oil and gas projects in Azerbaijan, the head of Public Relations Department at BP Azerbaijan Tamam Bayatli said during the signing ceremony of a memorandum of understanding within the 'Business Leadership of Youth' project.

Bayatli said, that in particular, these investments were made for the development of the Azeri-Chirag-Guneshli offshore fields, the Shah Deniz condensate field, the construction of Baku-Tbilisi-Ceyhan oil pipeline and the South Caucasus gas pipeline.

Bayatli noted that some 2.1 billion barrels of oil were produced within the ACG project.

The contract on the Azeri-Chirag-Guneshli full field development was signed in 1994.
Participants of the project to develop Azeri-Chirag-Guneshli are: BP (operator - 35.83 percent), Chevron (11.27 percent), Inpex (10.96 percent), AzACG (11.6 percent), Statoil (8.56 percent), Exxon (8 percent), TPAO (6.75 percent), Itocu (4.3 percent) and Hess (2.72 percent). Hess has sold its share to Indian ONGC, the transaction will be completed in the first quarter of 2013.


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