BP acquires 61% stake in PSA contract on development of Azerbaijani field

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The BP company has acquired a 61 percent participating stake in the production sharing agreement (PSA) on the Gobustan onshore field in Azerbaijan, the BP-Azerbaijan company said in a statement Sept. 14.

The participating stake has been acquired from the Commonwealth Gobustan Limited company, which is a subsidiary of the British Arawak Energy company and is a member of the Vitol Group company, the message says.

As a part of the transaction approved by SOCAR, the BP company, as an operator, will drill one exploration well to assess the potential of the field. The exploration well is expected to be drilled in the second half of 2019.