BP has decided to increase its holding in the giant Shah Deniz gas field in the Caspian offshore Azerbaijan through negotiations with the Shah Deniz partners on implementation of BP’s pre-emptive rights on PETRONAS previously announced sale of its share, the company said in a statement, Report informs.
BP has entered into an agreement to purchase from Petronas a 1.16% interest in the BP-operated Shah Deniz field for USD $168 million based on the same commercial terms of the Shah Deniz transaction announced earlier by PETRONAS. As a result, BP will hold a 29.99% interest in Shah Deniz and will remain the operator of the field.
The transaction is expected to be finalised by the end of January 2022.