Azerbaijan Extends PSA for Shah Deniz Gas Project to Appease BP

Jan. 25, 2013 09:23AM PST

Reuters reported that Azerbaijan has extended the production sharing agreement for the Shah Deniz gas project for an additional five years in move to strengthen ties with BP.

Reuters reported that Azerbaijan has extended the production sharing agreement for the Shah Deniz gas project for an additional five years in move to strenghten ties with BP.

Relations between Azerbaijan and BP soured last year over falling output at the BP-operated Azeri, Chirag and Guneshli (ACG) oilfields – output that is crucial to Azerbaijan’s economy.

To view the whole Reuters report, click here.