BP and Exxon Mobile can not reach a deal on ACG project

Baku. 1 July. REPORT.AZ/ American Exxon Mobil and British BP has not yet updated the terms of the "Contract of the Century" due to tension between the two companies in connection with oil production in the Azerbaijani oil fields.

Report informs, industrial sources told Reuters.

BP, which operates the Azeri-Chigar-Guneshli (ACG) fields in the Caspian Sea and relies on them for a tenth of its global output, has tentatively agreed terms with the Azeri government on extending the 30-year contract, they said.

But Exxon, which gets around one percent of its hydrocarbon production through its stake in the ACG consortium, has been holding out for a better deal since the halving of world oil prices in 2014.