June 2, 2017 - 8:18 AM EDT
Print Email Article Font Down Font Up Charts

Blog Coverage British Oil Company Expected to Sign Azerbaijan Contract by June 2017; Existing Deal to Expire in 2024

Upcoming AWS Coverage on Aegean Marine Petroleum Network Post-Earnings Results

LONDON, UK / ACCESSWIRE / June 2, 2017 / Active Wall St. blog coverage looks at the headline from British Oil Company BP PLC (NYSE: BP).The Company is expected to sign a contract at the end of June extending its production sharing deal for Azerbaijan's biggest oilfields until 2050, according to the Company's regional head's statement on May 31, 2017. With the existing deal set to expire in 2024, BP-led consortium and Azeri state oil firm SOCAR signed a letter of intent in December to continue developing the giant Azeri-Chirag-Guneshly (ACG) offshore fields until 2050. Register with us now for your free membership and blog access at: http://www.activewallst.com/register/.

One of BP PLC's competitors within the Major Integrated Oil & Gas space, Aegean Marine Petroleum Network Inc. (NYSE: ANW), announced on May 23, 2017, its financial and operating results for Q1 2017 which ended on March 31, 2017. AWS will be initiating a research report on Aegean Marine Petroleum Network in the coming days.

Today, AWS is promoting its blog coverage on BP; touching on ANW. Get all of our free blog coverage and more by clicking on the link below: http://www.activewallst.com/register/.

The Development Agreement

On December 23, 2016, The State Oil Company of the Republic of Azerbaijan (SOCAR) and the Azerbaijan International Operating Company (AIOC) signed a letter of intent for the future development of the Azeri-Chirag-Gunashli (ACG) field in the Azerbaijan sector of the Caspian Sea. The agreement included the development of the field until 2050 and will add significant resource potential to the middle of the century.

The ACG Field

ACG is a giant field located about 100 km east of Baku. The field covers an area of more than 432 square kilometers and is the biggest producing oil field in the Caspian Sea. The depth of the reservoir is around 2000-3500 meters and lies in the water depth of between 120 to 170 meters. The existing ACG PSA was signed in September 1994 for 30 years. Oil Production from the field began in November 1997, and as of December 23, 2016, the field has produced more than 3 billion barrels of oil with around $33 billion of investment.

There are six producing platforms on ACG, linked with a world-class onshore terminal in Sangachai near Baku. From the terminal, oil is exported to world markets primarily by the Baku-Tbilisi-Ceyhan oil export pipeline and the Western Export Pipeline to Supsa. British Oil Company currently is the operator acting on the behalf of AIOC and the Contractor Parties to the ACG Production Sharing Agreement.

The BP-ACG Relation

BP first arrived in Azerbaijan in June 1992, when it opened its first office in Baku. In the last 25 years, BP has partnered with the Government of Azerbaijan and its co-venturers, BP-operated projects, Azeri-Chirag-Gunashli (ACG), Shah Deniz, Baku-Tbilisi-Ceyhan (BTC) and South Caucasus Pipeline (SCP), have contributed to the development of the Caspian Sea as a modern hydrocarbon province.

In the Caspian, the Company operated two giant fields, namely, the ACG (Azeri-Chirag-Gunashli) and SD (Shah Deniz) gas fields. These fields are directly linked to the local and international markets via an expansive export system, including a complex subsea pipeline infrastructure and connected with the Sangachai terminal, three export pipelines with a total length of 3,300 km connected with marine export systems on the Black and Mediterranean Seas.

Azeri's President, Ilham Aliyev, stated on May 31, 2017, that he expected the contract to be signed soon, speculating the final intent to reach an agreement with investors at the Caspian Oil & Gas Conference in Baku.

Stock Performance

On Thursday, June 01, 2017, the stock closed the trading session at $36.24, marginally up 0.25% from its previous closing price of $36.15. A total volume of 6.48 million shares have exchanged hands, which was higher than the 3-month average volume of 6.43 million shares. BP PLC's stock price surged 6.21% in the last three months, 8.11% in the past six months, and 15.63% in the previous twelve months. The stock is trading at a PE ratio of 55.16 and has a dividend yield of 6.62%. The stock currently has a market cap of $120.21 billion.

Active Wall Street:

Active Wall Street (AWS) produces regular sponsored and non-sponsored reports, articles, stock market blogs, and popular investment newsletters covering equities listed on NYSE and NASDAQ and micro-cap stocks. AWS has two distinct and independent departments. One department produces non-sponsored analyst certified content generally in the form of press releases, articles and reports covering equities listed on NYSE and NASDAQ and the other produces sponsored content (in most cases not reviewed by a registered analyst), which typically consists of compensated investment newsletters, articles and reports covering listed stocks and micro-caps. Such sponsored content is outside the scope of procedures detailed below.

AWS has not been compensated; directly or indirectly; for producing or publishing this document.


The non-sponsored content contained herein has been prepared by a writer (the "Author") and is fact checked and reviewed by a third party research service company (the "Reviewer") represented by a credentialed financial analyst [for further information on analyst credentials, please email [email protected]. Rohit Tuli, a CFA® charterholder (the "Sponsor"), provides necessary guidance in preparing the document templates. The Reviewer has reviewed and revised the content, as necessary, based on publicly available information which is believed to be reliable. Content is researched, written and reviewed on a reasonable-effort basis. The Reviewer has not performed any independent investigations or forensic audits to validate the information herein. The Reviewer has only independently reviewed the information provided by the Author according to the procedures outlined by AWS. AWS is not entitled to veto or interfere in the application of such procedures by the third-party research service company to the articles, documents or reports, as the case may be. Unless otherwise noted, any content outside of this document has no association with the Author or the Reviewer in any way.


AWS, the Author, and the Reviewer are not responsible for any error which may be occasioned at the time of printing of this document or any error, mistake or shortcoming. No liability is accepted whatsoever for any direct, indirect or consequential loss arising from the use of this document. AWS, the Author, and the Reviewer expressly disclaim any fiduciary responsibility or liability for any consequences, financial or otherwise arising from any reliance placed on the information in this document. Additionally, AWS, the Author, and the Reviewer do not (1) guarantee the accuracy, timeliness, completeness or correct sequencing of the information, or (2) warrant any results from use of the information. The included information is subject to change without notice.


This document is not intended as an offering, recommendation, or a solicitation of an offer to buy or sell the securities mentioned or discussed, and is to be used for informational purposes only. Please read all associated disclosures and disclaimers in full before investing. Neither AWS nor any party affiliated with us is a registered investment adviser or broker-dealer with any agency or in any jurisdiction whatsoever. To download our report(s), read our disclosures, or for more information, visit http://www.activewallst.com/disclaimer/.


For any questions, inquiries, or comments reach out to us directly. If you're a company we are covering and wish to no longer feature on our coverage list contact us via email and/or phone between 09:30 EDT to 16:00 EDT from Monday to Friday at:

Email: [email protected]

Phone number: 1-858-257-3144

Office Address: 3rd floor, 207 Regent Street, London, W1B 3HH, United Kingdom

CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.

SOURCE: Active Wall Street

Source: ACCESSWIRE (June 2, 2017 - 8:18 AM EDT)

News by QuoteMedia

Legal Notice