September 14, 2018 / 3:52 PM / a year ago

BP buys 61 percent stake in Azerbaijan's Gobustan onshore project

FILE PHOTO: The logo of BP is on display at a petrol station in Moscow, Russia, July 4, 2016. REUTERS/Sergei Karpukhi/File Photo

BAKU (Reuters) - British oil major BP (BP.L) has acquired a 61 percent participating interest in the existing onshore Gobustan PSA (product sharing agreement) in Azerbaijan, BP Azerbaijan said on Friday.

BP, as operator, plans to drill one exploration well to appraise a potential prospect in the contract area in the second half of 2019, the company said in a statement.

Reporting by Nailia Bagirova; Writing by Maria Kiselyova; Editing by Louise Heavens

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