Azerbaijan to extend contract with BP until 2040

A new contract on the Azeri-Chirag-Guneshli (ACG) block of fields in the Caspian Sea is expected to be signed by the end of the year, Xosbaxt Yusifzada, first vice president at SOCAR, told reporters Wednesday in Baku.

The contract could even be extended until 2060, he said.

ACG provides over 70 percent of Azerbaijan’s total oil production.

The existing contract was signed in 1994 for 30 years. The project is led by BP with 35.8 percent of shares. 

Partners include SOCAR, Statoil, Chevron, Exxon Mobil and others.