BP Set to Take Over Offshore Babek Gas Project in Azerbaijan
BP's Expansion in Azerbaijan's Energy Sector
BP to Operate Babek Gas Field
BAKU, May 28 (Reuters) - Energy major BP will become the operator of a large offshore natural gas production project in Azerbaijan - the Babek gas field - three industry sources told Reuters on Wednesday.
Significance of Azerbaijan's Energy Reserves
BP's Existing Presence
BP already has significant exposure to oil and gas production in the South Caucasus country, whose energy reserves became more significant for Europe after it decided to cut its dependence on Russia, once a major supplier of commodities to the continent.
Upcoming Announcement
The three sources said Azerbaijan's state energy company SOCAR and BP would announce the agreement on the offshore Babek field on June 1.
Babek Field Details
Estimated Reserves
The field is estimated to hold around 400 billion cubic metres of gas and 80 million tonnes of condensate.
Project Structure
SOCAR and BP did not immediately reply to requests for comment.
The Babek field, currently part of a SOCAR-led unit, will become a separate project operated by BP, the sources said.
Reporting Credits
(Reporting by Nailia Bagirova; writing by Vladimir SoldatkinEditing by Andrew Osborn)
