BP-led Consortium Awards Contracts For $6 Bln Caspian Project

9th Jul 2010 12:14

MOSCOW (Dow Jones)--A consortium led by BP PLC (BP) that is operating the massive Azeri-Chirag-Gunashli oil field in the Azeri sector of the Caspian Sea has awarded six contracts totaling $814 million for development of the Chirag project, the consortium said Friday. Winners include BOS Shelf--a joint venture between Saipem SpA (SPM.MI) and Azerbaijan state oil company Socar--with a contract value of $215 million, the ATA consortium between AMEC PLC (AMEC.LN), Tekfen Holding AS (TKFEN.IS) and Azfen with a contract value of $340 million, and Kellogg Brown & Root with a contract value of $150 million. The Azeri-Chirag-Gunashli BP field, in which BP holds close to 40%, produces 850,000 barrels a day. Investments into the development of the Chirag project is expected to amount to $6 billion, said the consortium, which also includes Chevron Corp. (CVX), Statoil ASA (STO), Inpex Corp. (1605.TO) and Itochu Corp. (8001.TO). -By Jacob Gronholt-Pedersen, Dow Jones Newswires; +7 495 232 9197; [email protected] (END) Dow Jones Newswires July 09, 2010 07:14 ET (11:14 GMT)