bp to increase share in Shah Deniz PSA

Oil&Gas Materials 9 December 2021 17:09 (UTC +04:00)
bp to increase share in  Shah Deniz PSA

BAKU, Azerbaijan, Dec.9

By Leman Zeynalova - Trend:

bp has decided to increase its holding in the giant Shah Deniz gas field in the Caspian offshore Azerbaijan through negotiations with the Shah Deniz partners on implementation of bp’s pre-emptive rights on PETRONAS previously announced sale of its share, Trend reports with reference to the company.

The company has entered into an agreement to purchase from Petronas a 1.16% interest in the bp-operated Shah Deniz field for USD $168 million based on the same commercial terms of the Shah Deniz transaction announced earlier by PETRONAS. As a result, bp will hold a 29.99% interest in Shah Deniz and will remain the operator of the field.

The transaction is expected to be finalised by the end of January 2022.