bp renews offshore operations contract in the Caspian

bp has renewed its offshore drilling and maintenance contract covering the Azeri-Chirag-Gunashli and Shah Deniz fields in the Caspian Sea.

The agreement was signed with Turan Drilling & Engineering Company, a joint venture of SOCAR AQŞ and U.S.-based Helmerich & Payne.

The contract covers eight bp-operated offshore platforms. It will take effect in March 2026 for an initial five-year term, with three optional one-year extensions. If fully extended, the contract value could exceed $1 billion.

bp and its partners have invested more than $89 billion in Azerbaijan’s energy sector, producing around 4.6 billion barrels of ACG oil and 264 bcm of Shah Deniz gas.

N.Tebrizli