September 14, 2018 / 3:52 PM / a year ago

BP buys 61 percent stake in Azerbaijan's Gobustan onshore project

BP's logo is seen on one of its corporate sponsor pavilions in the Olympic park, in Stratfod, east London, July 19, 2012. REUTERS/Andrew Winning/File Photo

BAKU (Reuters) - British oil major BP has acquired a 61 percent participating interest in the existing onshore Gobustan PSA (product sharing agreement) in Azerbaijan, BP Azerbaijan said on Friday.

BP, as operator, plans to drill one exploration well to appraise a potential prospect in the contract area in the second half of 2019, the company said in a statement.

Reporting by Nailia Bagirova; Writing by Maria Kiselyova; Editing by Louise Heavens

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