Azeri state energy firm Socar and its partners in the Shah Deniz II consortium agreed to extend terms for the Shah Deniz II natural gas project by 13 years, up to 2048, BP Azerbaijan and the consortium said in a news release."The Shah Deniz partners have agreed to undertake exploration and appraisal work on prospects within the production sharing agreement area," it said on Tuesday."I am particularly pleased that we have agreed terms for extending the Shah Deniz Production Sharing Agreement up to 2048. This enables BP and our partners to work in partnership with Azerbaijan in appraising future stages of Shah Deniz," Bob Dudley, BP's Group Chief Executive, said.

Backers of Azerbaijan's Shah Deniz II gas project signed a final investment decision on Tuesday, with a view to pumping natural gas to Europe from 2019.

ANN.Az