September 6, 2017 / 11:31 AM / 10 months ago

Azerbaijan set to sign new deal with BP on ACG oilfields - agency

BAKU (Reuters) - Azerbaijan plans to sign a new contract with BP (BP.L) in the coming days on development of the giant Azeri-Chirag-Gunashli (ACG) oilfields until 2050, Azertag news agency on Wednesday quoted Azeri President Ilham Aliyev as saying.

FILE PHOTO - Spectators are seen reflected in a British Petroleum sponsors building in Olympic Park at the London 2012 Paralympic Games September 6, 2012. REUTERS/Toby Melville/File Photo

The fields are the largest oilfields in the Azerbaijan sector of the Caspian basin.

An existing deal is due to expire in 2024 and a BP-led consortium and Azeri state oil firm SOCAR signed a letter of intent in December to continue development of the giant offshore fields until 2050.

Reporting by Nailia Bagirova; writing by Vladimir Soldatkin; editing by Jason Neely

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