Tuesday, August 17, 2010

BP Buys Caspian Oil Field for $2 billion

In the midst of BP's divestiture to raise funds for the Deepwater Horizon oil spew, the company bought Devon Energy's Caspian Sea assets off Azerbaijan. It spent $2 billion to buy a field producing 17,000 bpd.

Last year BP's lawyer, James A. Baker, III of Baker Botts, went to Moscow for a conference on Caspian Sea oil and gas. The west is vying with Russia and Iran for Caspian Sea resources. Mr. Baker serves on the Honorary Council of Advisors of the U.S. Azerbaijan Chamber of Commerce. He serves alongside Henry Kissinger, Brent Scowcroft, John Sununu and Zbigniew Brzezinski.

BP recently made peace with Russia. CEO Tony Haywood faces looming banishment to BP's Russian joint venture.

Did James Baker, the elder or younger, help the latest accident prone BP CEO? He saved CEO Lord John Browne after BP's Texas City explosion killed 15 workers. Might "Turtle" Dudley need rescuing as well? The fabulous Baker's stand ready to help.

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