AZERBAIJAN…. BP-

July 19, 1999 07:00 AM Age: 26 years

Amoco announced a major natural-gas discovery in the Shah-Deniz oilfield in the Caspian Sea. The discovery enhances the viability of the proposed pipeline through Azerbaijan and Georgia from Baku on the Caspian to the Turkish port of Ceyhan on the Mediterranean. Because Turkey can only take so much gas, the discovery weakens prospects for funding of both the Gazprom-ENI (Italy) “Blue Stream” project to bring Russian gas to Turkey across the Black Sea, and the Bechtel/General Electric Capital pipeline project to bring gas to Turkey from fields in Turkmenistan. BP-Amoco holds a 25.5 percent share in the Shah-Deniz concession, as does Norway’s Statoil. French, Russian, Italian, Iranian and Turkish companies also participate.

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