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BP, Partners Sanction $6 Bln Azeri Central East Development Offshore Azerbaijan

BP Plc. (BP.L,BP_UN.TO,BP) and its partners have sanctioned $6 billion the Azeri Central East project, BP said Friday.

Azeri Central East project, next stage of development of the giant Azeri-Chirag-Deepwater Gunashli oilfield complex in the Azerbaijan sector of the Caspian Sea, is expected to produce up to 100,000 barrels of oil per day. The project is expected to achieve first production in 2023 and produce up to 300 million barrels over its lifetime.

Azeri-Chirag-Deepwater Gunashli participating interests are BP (30.37 per cent), SOCAR (25.0 per cent), Chevron (9.57 per cent), INPEX (9.31 per cent), Equinor (7.27 per cent), ExxonMobil (6.79 per cent), TPAO (5.73 per cent), ITOCHU (3.65 per cent), ONGC Videsh Limited (OVL) (2.31 per cent).

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