BP to increase stake in Shah Deniz gas field

BP to increase stake in Shah Deniz gas field

14 Dec 2021

BP plans to increase its stake in the Shah Deniz gas field offshore Azerbaijan.

The company has signed an agreement with Malaysian’s Petronas to purchase an additional 1.16% stake in the oil field for US$168m. Through this transaction, BP will increase its stake in the Shah Deniz gas field to 29.99%.

The field was discovered in 1999 and is said to be one of the largest condensate oil fields in the world. It is located on the deep-water shelf of the Caspian Sea, 70km southeast of Baku, with water depths ranging between 50m and 500m.

Under the Shah Deniz Production Sharing Agreement (PSA), BP operates the Shah Deniz oil field on behalf of its partners.

Currently, the existing Shah Deniz facility has a production capacity of more than 58m standard cubic meters per day.

During the first six months, the field has delivered natural gas to markets in Azerbaijan, Georgia and Turkey.

For more information, please visit EICDataStream.

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