BP Sign $45 Billion Deal to Pipe Natural Gas from Azerbaijan to Europe

BP, has led a union of energy companies to sign a $45 billion deal that will first expand the Shah Deniz field in Azerbaijan, and then transport natural gas via pipeline to southern Europe, creating an alternative to expensive Russian imports.The group of companies consists of BP, Statoil, the State Oil Co. of Azerbaijan (SOCAR), Total, Naftiran Intertrade Co. of Iran, Turkiye Petrolleri, and Lukoil.BP has claimed that the Shah Deniz field, located in the Caspian Sea, will eventually have its production output boosted by 16 billion cubic metres…

Read more... Reported by OilPrice.com 19 hours ago.