Chief Executive Officer at BP Robert Dudley has said Azerbaijan is of great importance to the company.

He said BP and Azerbaijan signed a letter of intent on behalf of all partners for future development of Azeri-Chirag-Gunashli (ACG) field in the Azerbaijani sector of the Caspian Sea. It will see the extension of the contract on ACG by 2050 and this year we will work on all the details of the contract, Dudley said.

He expressed confidence that the term of the contract on ACG will be extended for another 25 years.

BP has a 35.8 percent stake in Azeri-Chirag-Guneshli project, 30.10 percent in Baku-Tbilisi-Ceyhan (BTC), 28.8 percent in the Shah Deniz, and South Caucasus Pipeline.

AZERTAC