BP boosts investment in Azerbaijan Caspian Sea projects
BP said on Tuesday that it had completed acquisition of stakes in two offshore exploration and development blocks in the Azerbaijan sector of the Caspian Sea.
The agreements to finalize the deal were signed by BP and Azeri state energy company SOCAR, BP said in a statement.
There was no immediate indication as to possible production volumes.
Separately, the Shah Deniz consortium in which BP has a 29.99 percent interest said it had decided to invest $2.9 billion to expand the Shah Deniz Compression Project, aiming at boosting production from the giant gas field in the Caspian Sea.
The project is expected to add 50 billion cubic meters (bcm) of gas and 25 million barrels of condensate production and export, the consortium said.
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