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BP and partners confirm Azerbaijan's new 'Contract of the Century'


BP and partners confirm Azerbaijan's new 'Contract of the Century'

Report summary

BP, SOCAR and partners have finalised the PSC extension for Azerbaijan's Azeri Chirag Guneshli (ACG) oil megaproject. As announced in December 2016, the current 2024 expiry date will be extended to end-2049. The international partners will pay a US$3.6 billion bonus and SOCAR (Azerbaijan's NOC) will increase its stake from 11.6% to 25.0%. The agreement will take effect upon ratification by Azerbaijan's Parliament. We evaluate the announced terms and five key takeaways from this landmark event.

What's included?

This report includes 1 file(s)

  • BP and partners confirm Azerbaijan's new 'Contract of the Century' PDF - 902.51 KB 5 Pages, 0 Tables, 4 Figures

Description

This Upstream Oil and Gas Insight report highlights the key issues surrounding this topic, and draws out the key implications for those involved.

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  • ACG contract extension – the key terms
    • Our view
  • ACG contract extension – five highlights
    • 1)   Securing Azerbaijan's upstream future, with BP as operator
    • 2)   BP's latest long-term move
    • 3)   Consortium committed to a high-value asset
    • 4)   ACG offers low-cost and long-life production
    •  5)   A milestone for upstream contract extensions

In this report there are 4 tables or charts, including:

  • ACG contract extension – the key terms
    • ACG – new ownership structure
  • ACG contract extension – five highlights
    • BP-operated production (liquids and gas) in Azerbaijan, 2017-30
    • BP net upstream cash flow (ex-Rosneft), 2017-30 (nominal terms)
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