ExxonMobil has just consummated its strategic partnership with Rosneft so it’s nice for BP, which failed last year in its attempt to tie up with the Russian state oil company, to have something positive to report.
The UK major announced plans on Tuesday to begin the design work for the second phase of the huge Shah Deniz gas project that will supply Caspian gas to European markets and help reduce their dependence on Russian energy supplies.
The launch of the so called FEED or Front End Engineering and Design phase does not signal a final commitment to proceed with Shah Deniz, but it’s a “big step in the right direction,” said Toby Odone, BP spokesman. “We are doing it step by step and keeping to a tight schedule.”
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