Azerbaijan, BP Extend Deal For Caspian Oil Field Until 2050

Azerbaijan will sign in the coming days a new deal with BP to continue the development of the Azeri-Chirag-Gunashli (ACG) oil field in the Caspian Sea until 2050, extending the existing contract that is set to expire in 2024, Azeri media quoted President Ilham Aliyev as saying on Wednesday. ACG was Azerbaijan’s first offshore oil Production Sharing Agreement (PSA) contract with Western majors. The country and a consortium of foreign oil companies signed back in 1994 a 30-year deal to develop the field. Foreign partners in the venture—alongside…

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