BP And Azerbaijan Lock In Caspian Sea Oil Deal

The government of Azerbaijan signed a new
production sharing agreement (PSA) with the consortium operating
the Azeri-Chirag-Deepwater Gunashli oil field in the Caspian. The
new deal gives Baku a much larger stake in the field and
establishes Azerbaijan’s economic ties to Europe for decades to
come. The agreement, signed September 14, has taken five years to
negotiate and runs until 2050. It sees Azerbaijan’s state oil
company Socar increase its stake in the field from 11.65 percent to
25 percent, with stakes held by its eight international…

The government of Azerbaijan signed a new
production sharing agreement (PSA) with the consortium operating
the Azeri-Chirag-Deepwater Gunashli oil field in the Caspian. The
new deal gives Baku a much larger stake in the field and
establishes Azerbaijan’s economic ties to Europe for decades to
come. The agreement, signed September 14, has taken five years to
negotiate and runs until 2050. It sees Azerbaijan’s state oil
company Socar increase its stake in the field from 11.65 percent to
25 percent, with stakes held by its eight international…