BP and Statoil buy another 32 years in Azerbaijan

With a one-off payment of USD 3.6 billion and a transfer of large ownership stakes to the government, BP, Statoil, and other international oil companies have secured another 32 years in lucrative oil fields.

Photo: Leif Berge - Statoil

The experience was positive and the future looks even brighter, which is why several international oil companies, including BP, Statoil, and Chevron, are injecting USD billions in oil fields Azeri, Chirag, and Gunashi in Azerbaijan. As such, the companies are securing the rights to drill for oil and gas in the area for the next 32 years.

The fields, which are all located in the Caspian Sea, have been operated by a joint venture between the oil companies BP, Chevron, Inpex, Statoil, ExxonMobil, TP, Ithochu, and ONGC. The oil companies have been active in Azerbaijan for 23 years and for all of these years they have cooperated with the national oil company State Oil Company of the Republic of Azerbaijan (SOCAR).

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