Azerbaijan

Over the past 30 years Caspian nations such as Azerbaijan and Kazakhstan have built thriving economies on oil and gas wealth led by global energy companies and a handful of megaprojects. As times change, that model may need to be reassessed.

The deal is part of the company’s divestment program targeting proceeds of $5 to 10 billion between 2018 and 2020.

The US major has had a stake in the field since it started production in 1997. It produced 584,000 B/D of oil last year.

BP and partners have sanctioned the Azeri Central East project, the next stage of development of the giant Azeri-Chirag-Deepwater Gunashli oilfield complex in the Azerbaijan sector of the Caspian Sea.

RDS, a KCA Deutag division, and Kavin Engineering and Services entered into a strategic alliance to jointly pursue design and engineering projects across the upstream and midstream oil and gas market. Last month, KCA Deutag agreed to form a joint venture with SOCAR.

The $28-billion Shah Deniz Phase 2 project off Azerbaijan will supply gas to Europe through the Southern Gas Corridor pipeline system.

Baku Shipyard completed the sea trials of BP's subsea construction vessel Khankendi, which is being constructed for the Shah Deniz Stage 2 project.

The Caspian Sea region is once again becoming one of the globe’s important frontiers in oil and gas production. Azerbaijan, Kazakhstan, and Turkmenistan are in the midst of intensive efforts to underpin their developing economies by increased exploitation of massive reserves.