SOCAR and the Shah Deniz partners have also agreed terms for extending the Shah Deniz Production Sharing Agreement up to 2048.
The equity of SOCAR and BP in the project will be increased to 16.7 and 28.8 percent respectively.
State oil company of Azerbaijan SOCAR purchased 6.7 per cent equity in Shah Deniz project and the South Caucasus Pipeline from Statoil, BP reported on Dec. 17.
Meanwhile BP purchased 3.3 per cent equity in Shah Deniz and the South Caucasus Pipeline from Statoil. Both of these transactions are subject to conditions that are expected to be satisfied in 2014.
The Shah Deniz co-venturers are (after acquisitions): BP, operator (28.8 per cent), SOCAR (16.7 per cent), Statoil (15.5 per cent), Total (10 per cent), Lukoil (10 per cent), NICO (10 per cent) and TPAO (9 per cent).
"These percentages include the above-described purchases of equity from Statoil by BP and SOCAR, respectively, which are subject to conditions that are expected to be satisfied in 2014 for completion of the transactions," BP said.