BP Amoco invests in Caspian Sea

BP Amoco and its partners will spend billions of dollars on the construction of two huge natural gas and oil-drilling projects in the Caspian Sea. David Woodward, associate president of BP-Azerbaijan: “Over the next 12 months, we will sanction the investment of about USD 8 billion to USD 9 billion in the two projects,” BP Amoco leads an international consortium developing the Shah-Deniz gas field off Azerbaijan’s Caspian Sea coast. BP Amoco’s investment in equipment to exploit gas deposits and build a new pipeline at the Shah-Deniz fields will reach up to USD 2.7 billion, and more than USD 6 billion will be spent on developing the Azeri-Chirag-Guneshli fields. Together, the fields are believed to hold reserves of about 620 million metric tons of oil, 800 billion cubic meters of gas and 300 million tons of gas condensate. The Baku-Ceyhan consortium is completing the basic planning for the 1745-kilometre pipeline. Woodward said. “In mid-June we will get down to the details of engineering and design work.”

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