BP increases its share in Shah Deniz

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.