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.
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.
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