BP plans to invest USD 8â9 billion in Azerbaijan in the next four years, the head of the companyâs Azeri operations said. âIn the forthcoming year we shall approve an USD 8â9 billion investment in two projects in the Caspian Sea in Azerbaijan,â? David Woodward was quoted by government gazette âBakinskyâ Rabochy as saying. âOur work in Azerbaijan will be the companyâs biggest project in the world in forthcoming years by scale and from the point of view of spending.â? He said that BP, which leads the Azerbaijan International Operating Company consortium, plans to invest USD 6.0â6.5 billion in the first phase of development and export of oil from the Azeri-Chirag-Gunashli field. Another USD 2.5â2.7 billion will go towards the first stage of production and transportation of gas from the Shakh Deniz field to Turkey, he said. Woodward said BP headquarters would approve the start of construction of oil and gas mining platforms and widening of the coastal terminal to allow it to receive 26.5 million tonnes of oil and more than 11 billion cubic metres of gas a year. The work is scheduled to be completed by 2004.
