BAKU, Azerbaijan, June 11
By Leman Zeynalova – Trend:
BP would like to work with the Azerbaijani government, with Azerbaijan’s state oil company SOCAR and the company’s partners in the supply chain to ensure that Azerbaijan and the Caspian basin is able to compete for the capital in the future, said Bakhtiyar Aslanbayli, BP’s vice president for Azerbaijan, Georgia and Turkey, Trend reports.
He made the remark during the webinar on post-pandemic energy issues organized by Azerbaijan-based Center of Analysis of International Relations.
“To do this, we will need to look for the ways to reduce the cost to ensure that Caspian remains competitive with other oil and gas basins globally. This will require certain involvement of the new technologies, new operating models, new forms of collaboration, reduction in the scope of activity, maximizing the use of digital technologies,” said Aslanbayli.
He pointed out that as all companies have reduced their capital budget in response to the crisis, the competition for the capital will become even more intense.
“Despite the challenging economic environment, BP remains fully committed to its presence in Azerbaijan and to all projects we are trusted to operate by the government of Azerbaijan. Our goal is to sustain our business here for the next 30 years, at least for 30 years. We have been able to keep all of our projects in Azerbaijan running. We have managed to place all barrels from the Azeri-Chirag-Gunahsli (ACG) onto the global market and differentials are coming back to the normal trading levels now,” he added.
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