BP leads $6bn of fresh investment in Azeri oil project | Financial Times:
A BP-led consortium will spend $6bn on expanding a major offshore oil project in Azerbaijan, deepening the energy company’s ties to the country and prolonging the life of one of the biggest oilfields in the Caucasus region.
The investment is the first since a 2017 decision by BP and its partners to commit to the $36bn Caspian Sea project until 2049, and will significantly increase output from the “supergiant” field.
BP, which operates the project alongside Azerbaijan’s state oil company SOCAR, and international partners including Chevron and ExxonMobil, said a new offshore platform would increase production from the Azeri-Chirag-Deepwater Gunashli (ACG) field by 100,000 barrels a day.
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