SOCAR consults with partners after accusing BP of breach of contract
Azerbaijan's state oil company SOCAR launched consultations with its partners after its formal accusation of BP of breach of the PSA contract on developing the Azeri-Chirag-Gunashli (ACG) block of fields in the Azerbaijani sector of the Caspian Sea, according to Fineko/abc.az, FINEKO analytical and news agency's portal.
SOCAR said that the company's president, Rovnag Abdullayev, met Statoil's executive vice presidents Lars Christian Bacher and Eldar Saetre in Baku on Thursday. Abdullayev focused on the success of cooperation between the two companies, primarily in the development and supply of natural gas from the giant Shah Deniz offshore field to Europe.
Statoil, as well as BP, are partners of SOCAR in the ACG and Shah Deniz projects.
Azerbaijani President Ilham Aliyev on Wednesday criticized BP, saying crude mistakes of the international consortium that it operates have led to a sharp decline in oil production on Azeri and Chirag fields, which are part of the ACG development, the largest oil fields in the Azerbaijan sector of the Caspian. According to President Aliyev, BP failed to meet the production target in 2009-12, which resulted in Azerbaijan's receiving $8.1 billion less in direct revenue. He also demanded that SOCAR get rid of incompetent employees and contract partners.
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