BP's further investment opportunities considered

23 June 2016 12:21 (UTC+04:00)

By Fatma Babayeva

Anyone who would like to know about the future of oil and gas field has to visit Baku.

The statement was made by Bernard Looney, Chief Executive Director of BP’s Upstream Division, at the event held within the framework of the two-day visit of heads of international investment funds to Baku to analyze the portfolio and strategy in upstream section of BP.

“When we wanted to tell investors about our future activities, we decided to invite them to Azerbaijan”, Looney said.

President of Azerbaijan’s state energy company SOCAR Rovnag Abdullayev, addressing the event, spoke about the victories of Azerbaijan’s energy strategy, which was founded by national leader Heydar Aliyev and successfully continued under the leadership of Azerbaijani President Ilham Aliyev, as well as, about the role of BP in the implementation of this strategy and highly appreciated the cooperation with this company.

BP’s Regional President for Azerbaijan, Georgia and Turkey Gordon Birrell noted that representatives of the international investment funds including Capital Research International, Capital World, UBS Asset Management, Fidelity Research and JP Morgan Asset, as well as, the well-known analysts on stock markets of oil and gas got familiar with BP’s successful investment experience in Azerbaijan during their visit to Baku.

They were provided with the information on further investment opportunities, Birnell added.

BP’s office was opened in Baku in 1992. Since then, the company participated in a series of the upstream project in Azerbaijan.

BP Azerbaijan is an operator of Azerbaijan's Azeri-Chirag-Gunashli (ACG) block of oil and gas fields, where the Azeri Light oil is being produced.

The company also operates the Baku-Tbilisi-Ceyhan (BTC) pipeline which passes through Azerbaijan, Georgia and Turkey to transport Caspian oil to the Mediterranean coast.

With a 25.5% share, BP is the operator of the Shah Deniz gas field as well, which production was commissioned in 2006. Stage 2 development of this gas condensate field is a giant project expected to open up Azerbaijan as a major gas supplier to the European market through a Southern Gas Corridor pipeline network.

Recently, the company signed a PSA agreement with SOCAR to explore and develop Shafag-Asiman structure in the Azerbaijan sector of the Caspian Sea.

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Fatma Babayeva is AzerNews’ staff journalist, follow her on Twitter: @Fatma_Babayeva

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