After Gulf Settlement, BP Moves On With Focus on Caspian and China

Despite the likely record-high $18.7 billion settlement for the 2010 Gulf of Mexico oil spill, BP continues making investments in the Caspian Sea and China.

On Friday, BP announced the official start-up of the Phase 3 purified terephthalic acid PTA plant of Zhuhai Chemical Co., confirming its long-term commitment to operations in China. 

Earlier this week, BP Exploration (Caspian Sea) awarded a 12-month extension of a five-year cranes and lifting contract to Aberdeen-based EnerMech. 

‘The contract covers all seven BP-operated platforms in the Caspian Sea and 16 offshore pedestal cranes operating in the Chirag, West Chirag, Central Azeri, West Azeri, East Azeri and deepwater Gunashli platforms, as well as the Shah Deniz gas development project’ reads a note released by EnerMech. 

EnergMech, said it will cash in $10 million (£6.5 million) per annum. The original five year contract was valued at approximately $50 million (£33 million). 

On Thursday, BP agreed to pay the $18.7bn fine to settle legal actions brought by the US and several states over the 2010 Gulf of Mexico oil spill. The settlement has not to be approved by a federal judge. 

Over the last months, the company increased its efforts in Egypt, agreeing a LNG supply deal with Cairo through 2015 and 2016, and increasing its stake in the West Nile Delta (WND) project.