September 6, 2017 / 11:31 AM / 2 years ago

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

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

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.

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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