BP’s New Offshore Project In India

12 Sep 2017   India

A current existing deal between international oil giant BP (ticker: BP) and SOCAR in the Azeri-Chirag-Guneshli (ACG) field is due to expire in 2024. A new plan will take SOCAR’s stake in the field to 20 percent from the current 11.6 percent while BP’s share is predicted to drop to 30 percent from the current 35.8 percent, according to a report by Reuters. BP will remain the project operator. Oil output in the ACG field has declined from 16 million tons a year ago to 14 million tons, which may have influenced BP’s decision to reduce its share. Offshore India While BP is reducing its share in the ACG field, it is also setting its sights on India’s Krishna-Godavari Basin . Source: Directorate General of Hydrocarbons Recently Reliance and BP announced a $6 billion investment into gas projects located in the basin that is projected to increase gas production […]

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