British oil major BP and Azeri state energy SOCAR signed a contract on Sept. 14 extending its production sharing deal until 2050 for Azerbaijan's biggest oilfields.
The existing deal was due to expire in 2024 and BP-led consortium and SOCAR pledged to continue developing the giant Azeri-Chirag-Guneshli offshore fields, which are the largest in the Azerbaijan sector of the Caspian Basin.
The shareholders in the consortium include BP (NYSE: BP), SOCAR, Chevron Corp. (NYSE: CVX), Inpex, Statoil (NYSE: STO), ExxonMobil Corp. (NYSE: XOM), TPAO, Itochu and ONGC Videsh.
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