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AZERBAIJAN: Joint venture development plans for proposed $1,500,000,000 offshore oil field production expansion project BP PLC [UK], UNOCAL [USA], OAO LUKOIL [Russia] & STATE OIL CO. OF AZERBAIJAN [Azerbaijan] - Order #: 094402.

Publication: WWP-Business Opportunities in Eastern Europe & the CIS
Publication Date: 01-SEP-02 		Format: Online - approximately 984 words
Delivery: Immediate Online Access

Article Excerpt
PROJECT OVERVIEW:

An international consortium operating under the name of AZERBAIJAN INTERNATIONAL OPERATING CO. (AIOC) has reportedly committed $13,500,000,000 in order to develop the offshore Azeri, Chirag and Guneshli oil fields. Of this amount some $2,000,000,000 have already been spent.

The partners in the planned undertaking and their respective shareholdings include UK-based BP PLC (69.35%), UNOCAL of the US (10.65%), AOA LUKOIL of Russia (10%) and the local STATE OIL CO. OF AZERBAIJAN (10%). According to Jeremy Smith, BP AZERBAIJAN Director (Planning), the group will now have to spend an additional $1,500,000,000 from 2002 to 2006 in order to meet its production objectives.

As things currently AIOC is in the first stage of development at the fields and first production is scheduled to begin in late 2002. In so doing, the group also recently filed an official request with the Georgian government...

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