Azerbaijan's SOCAR To Boost Its Share In New Deal With BP On Oil Fields
TBILISI/BAKU, Sept 8 (Reuters) - Azeri state energy company SOCAR is expected to increase its share in a new production sharing agreement with oil major BP for development of the country's biggest oilfields, two industry sources familiar with the content of talks on the deal told Reuters.
"According to preliminary information, SOCAR will increase its share at the expense of a share reduction of other companies, including BP," an industry source, who is aware of the content of the negotiations, told Reuters.
Another industry source, who also is familiar with the content of the talks and did not want to be named, said that SOCAR's share in a new contract could be increased to 20 percent from the current 11.6 percent, while BP's share could be reduced to 30 percent from the current 35.8 percent.
"The shares of some other companies might be also reduced," the source said. The figures in the final contract might still change, the source said.
A spokeswoman for BP in Azerbaijan said: "We don't have information on the content of the contract now." A SOCAR spokesman said the company had no immediate comment.
The shareholders in the consortium include BP, SOCAR, Chevron, INPEX, Statoil, ExxonMobil , TPAO, ITOCHU and ONGC Videsh.
(Reporting by Margarita Antidze in TBILISI and Nailia Bagirova in BAKU; writing by Margarita Antidze; editing by Christian Lowe)
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
- Weatherford CEO's Rebound Plan Relies On Getting Smaller
- Iran Says Oil Market Is Too Tight For US Zero Exports Target
- China's Squeezed 'Teapots' Eye Petchem Path To Riches
- Baker Hughes: US Drillers Add Oil Rigs For Second Week In Three
- Venezuela Hands China More Oil Presence, But No Mention Of New Funds
- ExxonMobil Racks Up Discoveries in Guyana Block Eyed by Chevron
- Oil Market Sentiment Has Improved Significantly
- EU, US Eye Collaboration on Nuclear Materials
- USA Driving Activity to Increase to All-Time Highs
- EU Electricity Export to Ukraine Up 94 Percent in Two Years
- China Coal Output Falls for First Time since Government Ordered More
- TC Energy to Sell Prince Rupert Gas Pipeline Project to First Nation
- BP Pulse Buys One of Europe's Largest Truck Stops
- UK CCUS Plans Outdated: Think Tank
- I Squared Eyes Full Ownership of Europe Gas Storage Firm
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Major Oilfield Discovery
- EIA Drops 2024 Henry Hub Gas Price Forecast
- EIA and Standard Chartered Offer Up Latest Oil Price Predictions
- Red Sea Region Sees Another Watershed Incident
- Chevron Oil Project in Kazakhstan to Cost $48.5B
- OPEC Voices Encouragement after IEA Affirms Support for Oil Security
- Biden Govt Bares Strategy for Freight Charging, Hydrogen Fueling Infra
- Ukraine Hits Third Russian Refinery In Escalating Drone Strikes
- Rystad Looks at the Buzz Around White Hydrogen
- VIDEO: Missile Attack Kills Crew Transiting Gulf of Aden
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Major Oilfield Discovery
- What Is the Biggest Risk to Offshore Oil and Gas Personnel in 2024?
- Is Peak Oil Demand Close?
- Vessel Sinks in Red Sea After Missile Strike
- JP Morgan, Standard Chartered Reveal Latest Oil Price Forecasts
- Exxon Rights in Stabroek Do Not Apply to Hess Merger with Chevron: Hess
- Rystad Forecasts Net Production of Top Permian Producers in 2024
- Analysts Reveal Latest Oil Price Outlook Following OPEC+ Cut Extension