September 14, 2017 / 6:52 AM / 2 years ago

BP-led group signs Azerbaijan oilfield extension deal

BAKU, Sept 14 (Reuters) - British oil major BP and Azeri state energy SOCAR on Thursday signed a contract extending its production sharing deal for Azerbaijan’s biggest oilfields until 2050.

The existing deal is due to expire in 2024 and BP-led consortium and SOCAR pledged to continue developing the giant Azeri-Chirag-Guneshli (ACG) offshore fields, the largest in the Azerbaijan sector of the Caspian basin.

The shareholders in the consortium include BP, SOCAR, Chevron, Inpex, Statoil, ExxonMobil , TPAO, Itochu and ONGC Videsh. (Reporting by Nailia Bagirova, writing by Margarita Antidze; editing by Vladimir Soldatkin)

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