Maersk Drilling has won a $523million contract extension with oil major BP for the use of a drilling rig on the Shah Deniz field.
The company said the move is a continuation of an existing agreement which was set to expire in May 2016.
The drilling rig Heydar Aliyev will be used on the field, which has reserves of up to 1.2 trillion cubic metres of gas.
Claus Hemmingsen, general director of Maersk Drilling, said: “We are very pleased to extend the operation contract on drilling rig Heydar Aliyev, and we hope to continue our cooperation with BP.”
The contract to develop the Shah Deniz offshore field was signed on June 4th, 1996.
Earlier this year Statoil completed the sale of its share in the Shah Deniz production sharing agreement to Petronas.