bp plans to make a final investment decision on the development of the Karabakh field by the middle of next year, Giovanni Cristofoli, bp’s regional president for Azerbaijan, Georgia and Türkiye, told journalists, APA-Economics reports.
According to him, engineering work on the project is currently ongoing.
“We continue all engineering work on the Karabakh project and hope that we will be able to make the final investment decision by around the middle of next year,” he said.
Cristofoli noted that if the project is implemented, it will allow a new field to be developed for the first time in the Caspian Sea through integration with existing infrastructure.
“This will be an important milestone in terms of integrating new fields into existing infrastructure in the Caspian,” the bp official stressed.
According to him, bp continues drilling operations at the Shah Deniz field. The company has also achieved approximately 30% progress on the compression project, with the facility planned to be commissioned in 2029.
Cristofoli said that bp has brought the first production well of the deep gas project at ACG (Azeri-Chirag-Gunashli) into operation. Work on the next well is continuing, and the results obtained could pave the way for investments worth billions of dollars in the future.
He added that there are no changes to the company’s investment plans and that bp intends to keep its capital expenditures stable despite fluctuations in oil prices.
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