BAKU, Azerbaijan, June 3. bp is intensifying its efforts to explore and develop fields in the Caspian basin, bp's vice president for exploration for Azerbaijan, Georgia, and Türkiye, Dan Sparkes, said at the Baku Energy Forum, Trend reports.
According to him, there are favorable conditions for a comprehensive approach to the development of oil and gas projects in the region. In parallel, work is being carried out on mature fields, exploration and prospecting for new resources.
“These large fields are really of a completely different scale than the opportunities we have had to date,” he noted. - We are talking about multi-billion dollar recoverable resources - hundreds of millions of barrels."
Sparkes also emphasized that bp is moving on several important fronts simultaneously to not only increase production, but also to offset declines at aging assets.
"There are three major initiatives in the focus of bp today. First is the ‘Shah Deniz’ project: the final investment decision was announced today. This is a large-scale project that will provide new production and create infrastructure that will be useful for other assets in the basin," the vice president added.
He also announced the transition to the next stage of development of the Karabakh field, discovered back in 1998.
"The time has come to move forward. We will move as fast as we can to make an investment decision and start first production at the Karabakh field," he said.
In addition, the representative of bp spoke about the company's other key projects, including work that has started in the NECO zone, the development of the Adua and Namiacin (Namiacin) blocks, and the return to the Shafagh project, where bp is partnering with Turkish Petroleum.
"Pace matters. To replenish volumes, we have to add new resources every year. This means the need to combine renewal, development, and exploration. We aim to maximize efficiency and productivity in all areas," he concluded.