TODAY.AZ / Business

BP seeking new Azeri contract

15 March 2006 [12:33] - TODAY.AZ
BP, the leading foreign investor in Azerbaijan's oil and gas sector, has approached the government to sign a new contract on developing hydrocarbon reserves of the country's major Azeri, Chirag and Deepwater Gunashli fields in the Caspian Sea.

The current contract that the State Oil Company reached with foreign companies in 1994 to jointly develop the fields envisions tapping the main productive layer of the deposits, although the lower layers contain considerable reserves as well.

Industry and Energy Minister Natig Aliyev said the work of two or three operators on the same field is unacceptable. The existing oil consortium should stay the same, while its terms should be altered, he said.

"The share of the Azerbaijani state and way of its participation will be different. The production sharing of profit gas will be completely different and appropriate infrastructure has been created for this. An exploration well will be drilled for deep layers and only after this we will be able to calculate the composition and bulk of the gas reserves," the minister said.



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