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Market Chatter: BP Said to Take Control of Azerbaijan's Babek Natural Gas Field

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BP (BP.L) will take over as operator of Azerbaijan's offshore Babek natural gas field, which is currently part of a unit led by state energy company SOCAR, Reuters reported Thursday, citing industry sources.

The British oil giant and SOCAR are expected to announce their agreement on the Babek field, which will become a separate project operated by BP, on June 1, the sources added.

The Babek field holds an estimated 400 billion cubic meters of gas and 80 million tonnes of condensate, according to the report.

BP did not immediately respond to a request for comment from.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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Market Chatter: BP Set to Become Operator of Babek Gas Field in Azerbaijan

BP (BP) will become operator of Azerbaijan's offshore Babek natural gas field under an agreement expected to be announced with state energy company SOCAR on June 1, Reuters reported Thursday, citing three unnamed sources.The Babek field is estimated to contain around 400 billion cubic meters of natural gas and 80 million tonnes of condensate, according to the report.The project is currently part of a SOCAR-led unit but will become a separate development operated by BP, Reuters reported.BP did not immediately respond to' request for comment.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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