British energy giant BP has announced plans to explore new oil fields in the Azerbaijani sector of the Caspian Sea. This initiative aims to complement efforts to manage declining output from existing fields, such as the Azeri-Chirag-Gunashli (ACG) oilfields and the Shah Deniz gas field.
Azerbaijan’s oil production has been decreasing since the ACG complex peaked in 2010. The country is now focusing on increasing its gas exports to maintain its position in the global energy market. BP’s upstream chief, Gordon Birrell, emphasized that Azerbaijan remains a key area for the company’s investment in upstream activities, including developing known but undeveloped resources.
This move aligns with BP’s strategy to boost spending on oil and gas ventures while reducing investments in low-carbon projects. The exploration of new oil fields in the Caspian Sea is expected to bolster Azerbaijan’s energy sector and contribute to the country’s economic growth.
