BP to join Karabakh oil field development in Azerbaijan by 2025

BP aims to join the Karabakh oil field project in Azerbaijan by 2025, with negotiations underway to finalize terms with SOCAR for this strategic offshore development.

BP plans to join the development of the Karabakh oil field in the Azerbaijani sector of the Caspian Sea by the end of 2025, according to Bakhtiyar Aslanbayli, BP's Vice President for the Caspian region.

"In September 2024, we signed a memorandum of understanding with SOCAR regarding the Karabakh oil field. Currently, within the framework of the memorandum, negotiations and discussions are underway on the terms of BP's entry into the existing agreement for the development of this field," Aslanbayli stated.

He emphasized that both parties are striving to finalize the negotiation process as quickly as possible. When asked whether BP aims to join the Karabakh project this year, Aslanbayli expressed his personal hope for it to happen.

On September 20, 2024, BP and SOCAR signed a memorandum of understanding covering two offshore areas: the Karabakh oil field and the Dan Ulduzu-Ashrafi-Aypara structure in the Azerbaijani sector of the Caspian Sea.

BP highlighted that its involvement in the exploration and development of these offshore areas could expedite project implementation through potential synergies.

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