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BP: "Karabakh" field is considered priority

08 October 2025 16:49 (UTC +04:00)

The project to develop the Karabakh oil field is currently in the Concept Development Study stage, said BP's Vice President for the Caspian region Bakhtiyar Aslanbeyli while answering journalists' questions about whether the work within the project will be accelerated, APA-Economics reports.

According to him, the field is currently being studied, its geogeography is being investigated, and the form in which the field will be developed (using what equipment and facilities - ed.) is being determined. After the concept is developed, other necessary work within the project will begin.

"We ourselves are interested in resolving this as soon as possible," Bakhtiyar Aslanbeyli noted.

Bakhtiyar Aslanbeyli added that although the reserves of the Karabakh field are significantly smaller than those of the Azeri-Chirag-Guneshli (ACG) oil and gas block, this project is considered a priority for BP.

It should be noted that on June 3 this year, BP announced that it had completed the acquisition of participating interests in two offshore exploration and development blocks located in the Azerbaijani sector of the Caspian Sea. The agreements formalizing the transaction were signed today between BP and SOCAR as part of the Baku Energy Week.

The first block is the Karabakh oil field, located 120 km east of Baku, 20-25 km from the Guneshli field, in water depths of 150-200 meters. There is a Risk Services Agreement (RSA) signed in 2018 for the development of the field.

The second block is the Ashrafi-Dan Ulduzu-Aypara (ADUA) field, located 90-110 km northeast of Baku, in water depths of 80-180 meters. This field includes a number of existing discovered and prospective structures. A production sharing agreement (PSA) for the ADUA field was also signed in 2018.

BP has acquired a 35% stake in each of the two agreements - RSA and PSA - from SOCAR. SOCAR will retain the remaining 65% stake in both agreements. BP will be the operator for both agreements.