Dubai-based company to supply vessels for Azerbaijani projects
Baku, Azerbaijan, March 3
By Aygun Badalova - Trend:
Dubai Topaz Energy and Marine secured a contract with a unit of BP to supply 14 offshore support vessels in the Caspian Sea for up to seven years, the Dubai-based oilfield services firm said in a statement March 3.
The contract with BP Exploration (Caspian Sea) Limited runs for five years, with two one-year extensions at current market terms, and will primarily support the ACG and Shah Deniz II fields offshore Azerbaijan, the statement said.
No value for the contract was given in the statement.
The contract for the Azeri-Chirag-Guneshli development was signed in 1994. The proven oil reserve at the block is nearly one billion tons.
Shares in the contract are as follow: BP (operator) - 35.78 percent, Chevron - 11.27 percent, Inpex - 10.96 percent, AzACG - 11.65 percent, Statoil - 8.56 percent, Exxon - eight percent, TPAO - 6.75 percent, Itochu - 4.3 percent and ONGC - 2.72 percent.
The contract for development of the Shah Deniz offshore field was signed on June 4, 1996.
The field's reserve is estimated at 1.2 trillion cubic meters of gas. The shareholders in the contract are: BP, operator (28.8 percent), AzSD (10 percent), SGC Upstream (6.7 percent), Petronas (15.5 percent), Lukoil (10 percent), NIOC (10 percent) and TPAO (19 percent).