A deal by BP to extend oil production-sharing in Azerbaijan by 25 years is profitable at current oil prices even after paying a signing bonus and cutting foreign companies’ stake in the project, Chief Executive Bob Dudley said. The pact between a BP-led consortium and Azerbaijan to continue developing the Azeri-Chirag-Guneshli (ACG) offshore fields until 2050 comes as the oil and gas company prepares to boost production sharply by the end of the decade. Under the deal, BP and its partners cede part of their stake to Azerbaijan’s national energy company SOCAR and pay the government a $3.6 billion signing bonus. BP’s stake falls to 30.37 percent from 35.8 percent but it will remain the operator. The initial agreement, signed in 1994, was dubbed by […]