Still struggling to plug the gusher in the Gulf of Mexico, British Petroleum is looking to drill new holes in the Caspian Sea. BP Chief Executive Tony Heyward travelled to hydrocarbon-rich Azerbaijan on July 6 to meet with President Ilham Aliyev and oversee the signing of a deal with the State Oil Company of the Azerbaijani Republic (SOCAR) on prospecting for and developing natural gas finds in the offshore Shafag and Asiman fields.
The signing dispelled speculations that Heyward’s visit to Azerbaijan had to do with BP’s efforts to shed some assets to cover its $3.12 billion battle with the Gulf of Mexico oil spill. Russia’s energy giant Gazprom said earlier that it would be happy to purchase BP’s business in Azerbaijan; in particular, its stake in the major Shah Deniz field.
Giorgi Lomsadze is a journalist based in Tbilisi, and author of Tamada Tales.
Sign up for Eurasianet's free weekly newsletter. Support Eurasianet: Help keep our journalism open to all, and influenced by none.