BP, its partners invest in Azerbaijan Energy

BP, its partners invest almost $60B in Azerbaijan

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The British BP company together with its partners on development of the Azeri-Chirag-Guneshli and Shah Deniz oil and gas fields invested in Azerbaijan over $58 billion over the period of more than 20-year activity in the country, said Gordon Birrell, BP's regional president for Azerbaijan, Georgia and Turkey.

He made the remarks during the meeting of Azerbaijan's President Ilham Aliyev with the delegation of the American Chamber of Commerce in Azerbaijan.

The Caspian region is extremely rich with oil and gas, said Birrell.

"We think that there is a need to attract investments in technology and to generate the necessary capital, for which Azerbaijan has a stable positive environment," he noted.

The creation of a long-term stability in Azerbaijan is important for attracting investors, according to him.

"It is important to create stability in legal and customs systems, employment policies, in the sphere of granting of work visas and work permits, as well as forecasting future revenues," said Birrell. "Of course, we can't control oil and gas prices, but the stability and forecasting are the bases for us."

BP is the operator developing the Azeri-Chirag-Guneshli block of offshore oil and gas fields and Shah Deniz gas and condensate field, within the 2nd stage development of which gas is planned to be supplied to Europe.

The company is also a member of such pipeline projects as Baku-Tbilisi-Ceyhan (BTC) oil pipeline and South Caucasus gas pipeline.

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