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Finance

BP plans to explore for new oil in Azeri Caspian Sea

Published by Global Banking and Finance Review

Posted on March 13, 2025

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LONDON (Reuters) -BP plans to explore for new oil fields in the Azeri Caspian Sea, BP's upstream chief Gordon Birrell told Reuters.

BP is already working on stemming declining output at producing fields in the Caspian Sea, namely the Azeri–Chirag–Gunashli (ACG) complex of oilfields and the Shah Deniz gas field, but had not previously talked about new exploration.

"We are progressing a number of exciting opportunities in Azerbaijan, from further development of ACG and Shah Deniz within existing (production sharing agreements), to accessing discovered (non developed) resources to exploration opportunities," Birrell said this week.

"It remains a very active area for our investments in upstream."

Under a strategy revamp announced last month, BP is increasing spending on its oil and gas business while cutting spending on its low-carbon units.

Azerbaijan's oil output has been declining for several years after the ACG complex passed its peak of 50 million metric tons, or 1 million barrels per day, in 2010. The country also wants to increase its gas exports.

(Reporting by Shadia Nasralla)