There is a need to accelerate exploration activities in the Caspian Sea in order to fully utilize Azerbaijan’s existing gas export infrastructure, said Dan Sparkes, bp's Vice President for Subsurface for the Azerbaijan, Georgia and Türkiye region, during the “Upstream Sector – New Horizons” session at the Baku Energy Forum, APA-Economics reports.
According to him, gas pipelines stretching from the Caspian Sea to Italy and oil pipelines providing access to the Mediterranean have gained even greater strategic importance in recent years.
Dan Sparkes stated that bp has identified opportunities to provide additional volumes through existing gas and oil export routes.
“Today, the value of these pipelines is higher than ever before. Against the backdrop of global developments, their strategic importance continues to grow,” he noted.
According to the bp official, new projects are needed to fully utilize the existing gas infrastructure and even increase transportation volumes.
“To achieve this, a project on the scale of ‘Karabakh’ or ‘Absheron’ needs to be approved almost every year. To provide reserves for these projects, one or two exploration wells must be drilled annually in the Caspian Sea,” Dan Sparkes stressed.
According to him, the Caspian Sea possesses considerable resource potential, but accelerating exploration activities and investment decisions is essential to unlocking that potential.
“The resources are there. We simply need to conduct more exploration and move projects to the investment stage more quickly,” the bp official added.
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