The BP-led consortium that is developing Azerbaijan’s Azeri-Chirag-Guneshli (ACG) offshore group of fields could sign a new production-sharing agreement (PSA) before the end of this year, with Azeri state-owned Socar increasing its stake. The new PSA would cover the existing project and new oil deposits, according to Socar’s first vice-president for exploration, Khoshbakht Yusifzade.
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