BP & Partners Start Gas Deliveries To Europe; Street Sees 54% Upside
BP and a consortium of partners on Dec. 31 announced the start of
commercial gas deliveries to Europe from the Shah Deniz gas field
in the Caspian Sea offshore Azerbaijan via the newly-completed
Southern Gas Corridor (SGC) pipeline system. Shares of the
multinational oil and gas company lost 2.4% at the close on Dec.
31. BP (BP) has a 28.8% stake in the consortium. BP discovered Shah
Deniz, its largest gas discovery to date, in 1999. The start of gas
deliveries through the final section of the SGC stretches 3,500
kilometres from Azerbaijan to Europe.