September 14, 2017 / 1:05 PM / 10 months ago

BP CEO says renewed Azeri oil field contract profitable at current oil prices

LONDON, Sept 14 (Reuters) - A deal to extend an oil production-sharing deal in Azerbaijan by 25 years is profitable at current oil prices, BP Chief Executive Officer Bob Dudley said on Thursday.

“It is very good, solid economics for everyone involved,” Dudley said in an interview with Reuters. “Breakeven is below the current price of oil… it is competitive in our portfolio, most certainly.”

A BP-led consortium and Azerbaijan signed a deal to continue developing the giant Azeri-Chirag-Guneshli (ACG) offshore fields until 2050.

Dudley also said the remaining two of seven BP projects to start production this year are on track, including the Eni-operated Zohr gas field in Egypt.

Reporting by Ron Bousso, Dmitry Zhdannikov and Karolin Schaps; editing by Jason Neely

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