{"id":189781,"date":"2018-05-01T14:54:08","date_gmt":"2018-05-01T14:54:08","guid":{"rendered":"https:\/\/www.meydan.tv\/article\/socar-and-bp-to-develop-a-new-offshore-field-in-the-caspian-sea\/"},"modified":"2018-05-01T14:54:08","modified_gmt":"2018-05-01T14:54:08","slug":"socar-and-bp-to-develop-a-new-offshore-field-in-the-caspian-sea","status":"publish","type":"post","link":"https:\/\/www.meydan.tv\/en\/article\/socar-and-bp-to-develop-a-new-offshore-field-in-the-caspian-sea\/","title":{"rendered":"SOCAR and BP to develop a new offshore field in the Caspian Sea"},"content":{"rendered":"<p>\n  BP and SOCAR signed a major new production sharing agreement at a high-level meeting in London.\n<\/p>\n<p>\n  BP group chief executive Bob Dudley and SOCAR president Rovnag Abdullayev<br \/>\n  <a href=\"https:\/\/www.bp.com\/en\/global\/corporate\/media\/press-releases\/socar-and-bp-sign-new-production-sharing-agreement-for-azerbaijan-exploration.html\" target=\"_blank\" rel=\"noopener\"><br \/>\n    signed<br \/>\n  <\/a><br \/>\n  the agreement to develop a new offshore oil and gas field on 26 April, as UK PM Theresa May and Azerbaijani President Ilham Aliyev looked on. The 25-year contract gives BP and SOCAR equal 50% interests in an offshore field called Block D230, 84 miles northeast of Baku in the Caspian Sea.\n<\/p>\n<p>\n  The contract<br \/>\n  <a href=\"https:\/\/www.gov.uk\/government\/news\/pm-meeting-with-president-aliyez-26-april-2018\" target=\"_blank\" rel=\"noopener\"><br \/>\n    was signed<br \/>\n  <\/a><br \/>\n  while Ilham Aliyev was in London on a state visit. During a bilateral meeting with Theresa May, the leaders reportedly discussed security concerns and human rights, as well as the energy contract.\n<\/p>\n<p>\n  Ilham Aliyev was recently re-elected President of Azerbaijan in a snap election that received<br \/>\n  <a href=\"\/en\/article\/international-observers-report-serious-violations-in-azerbaijani-election\/\" target=\"_blank\" rel=\"noopener\"><br \/>\n    harsh criticism<br \/>\n  <\/a><br \/>\n  from international observers. The Azerbaijani press<br \/>\n  <a href=\"https:\/\/azertag.az\/en\/xeber\/1157419\" target=\"_blank\" rel=\"noopener\"><br \/>\n    reported<br \/>\n  <\/a><br \/>\n  that May &#8220;congratulated President Ilham Aliyev on his victory in the presidential election&#8221; while, according to Downing Street&#8217;s<br \/>\n  <a href=\"https:\/\/www.gov.uk\/government\/news\/pm-meeting-with-president-aliyez-26-april-2018\" target=\"_blank\" rel=\"noopener\"><br \/>\n    press release<br \/>\n  <\/a><br \/>\n  , the British PM merely diplomatically &#8220;said that she was pleased that [Aliyev] had chosen the visit the UK so soon after his inauguration.&#8221;\n<\/p>\n<p>\n  BP and SOCAR<br \/>\n  <a href=\"https:\/\/www.bp.com\/en\/global\/corporate\/media\/press-releases\/socar-and-bp-sign-new-production-sharing-agreement-for-azerbaijan-exploration.html\" target=\"_blank\" rel=\"noopener\"><br \/>\n    signed<br \/>\n  <\/a><br \/>\n  their first production sharing agreement in 1994 to develop the Azeri-Chirag-Deepwater Guneshli (ACG) field in the Caspian Sea. Last year the ACG agreement was extended until 2050 in a deal that included a $3.6 billion bonus for Azerbaijan. The first tranche of the bonus ($450 million)<br \/>\n  <a href=\"http:\/\/www.oilfund.az\/en_US\/news\/1360\/100\/Doevlet-Neft-Fonduna-Azeri-ciraq-Guenesli-layihesi-uezre-ilk-bonus-oedenilib.asp\" target=\"_blank\" rel=\"noopener\"><br \/>\n    was transferred<br \/>\n  <\/a><br \/>\n  to the State Oil Fund of Azerbaijan (SOFAZ) on 29 January 2018.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Contract signed during Azerbaijani President&#8217;s state visit to London<\/p>\n","protected":false},"author":11,"featured_media":102978,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_sitemap_exclude":false,"_sitemap_priority":"","_sitemap_frequency":"","footnotes":""},"categories":[48],"tags":[],"class_list":["post-189781","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-analysis","infinite-scroll-item","generate-columns","tablet-grid-50","mobile-grid-100","grid-parent","grid-33","no-featured-image-padding"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - 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