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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  BP plc    BP.   GB0007980591

BP PLC

(BP.)
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BP : reveals time frame for starting exploration drilling in Azerbaijan in 2019

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08/15/2019 | 12:16am EDT

BP plans to start the drilling of exploration wells in Azerbaijan towards the end of 2019, BP Azerbaijan told Trend.

"At this stage our plans are to start exploration drilling activities towards the end of the year," said the company.

As for the equipment to be used for these operations, the company said it is at the planning stage, so it is too early to say.

Further, talking about the deep gas production at Azeri-Chirag-Gunashli (ACG) block of oil and gas fields, the company said that negotiations continue.

Moreover, BP Azerbaijan said that Caspian Energy Engineering (CEE) has supplied the company with protection relays and it uses those relays for protecting the company's high voltage equipment.

Earlier, BP Azerbaijan Vice President Bakhtiyar Aslanbayli told Trend that BP plans to drill six new exploration wells in Azerbaijan in 2019-2020.

He said that four wells are planned to be drilled this year and two wells next year.

Depending on the results, a medium-term plan will be prepared, Aslanbayli added.

This year, two exploration wells will be drilled in the shallow waters around the Absheron Peninsula [SWAP project], one well at the Shafag-Asiman block of fields and one well at the onshore Gobustan field, according to Aslanbayli.

BP Azerbaijan is the operator of the Shah Deniz, ACG, Shallow Water Absheron Peninsula, Shafag-Asiman and Gobustan fields' development.

A contract for development of ACG was signed in 1994. A new contract for development of the ACG block until 2050 was signed in BakuSept. 14, 2017.

Shared participation in the contract on the Shafag-Asiman block of fields and in the SWAP project between BP and SOCAR is 50 to 50 percent.

The BP company has a 61 percent participating stake in the production sharing agreement (PSA) on the Gobustan onshore field in Azerbaijan.

© 2019 Trend News Agency ALL RIGHTS RESERVED, source News Service

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Financials (USD)
Sales 2019 284 B
EBIT 2019 21 031 M
Net income 2019 10 095 M
Debt 2019 47 156 M
Yield 2019 6,81%
P/E ratio 2019 11,4x
P/E ratio 2020 9,90x
EV / Sales2019 0,59x
EV / Sales2020 0,54x
Capitalization 121 B
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Mean consensus OUTPERFORM
Number of Analysts 25
Average target price 7,71  $
Last Close Price 6,00  $
Spread / Highest target 64,1%
Spread / Average Target 28,5%
Spread / Lowest Target -4,75%
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NameTitle
Robert W. Dudley Group Chief Executive Officer & Executive Director
Helge Lund Chairman
Andy Hopwood Group COO, Executive VP-Strategy & Regions
Brian Gilvary Group Chief Financial Officer & Executive Director
David Eyton Group Head-Technology
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