Azerbaijan has extended the production-sharing agreement (PSA) for the BP-led offshore Azeri-Chirag-Guneshli (ACG) oil project, with overseas shareholders in the AIOC consortium slightly reducing their stakes. The PSA has been extended by 25 years beyond its 2024 expiry date. The deal was signed in Baku on 14 September, in the presence of Azeri president Ilham Aliyev. Foreign partners will pay a $3.6bn signature bonus, spread over a number of years, and will each cede part of their stake to Azeri state-owned Socar, whose holding will rise to 25pc from 11.65pc. The cuts are offset by improved terms in the amended PSA, so the overall impact is "broadly neutral", BP says.
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