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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.
The world’s biggest dance music festival faces an unexpected setback as a fire destroys its main stage, prompting a last-minute response from organisers determined to keep the party alive in Boom, Belgium.
According to the German Research Centre for Geosciences (GFZ), a magnitude 5.7 earthquake struck the Oaxaca region of Mexico on Saturday.
China and the Association of Southeast Asian Nations will send an upgraded ‘version 3.0’ free-trade agreement to their heads of government for approval in October, Chinese Foreign Minister Wang Yi said on Saturday after regional talks in Kuala Lumpur.
A resumption of Iraq’s Kurdish oil exports is not expected in the near term, sources familiar with the matter said on Friday, despite an announcement by Iraq’s federal government a day earlier stating that shipments would resume immediately.
Chinese automaker Chery has denied an industry-ministry audit that disqualified more than $53 million in state incentives for thousands of its electric and hybrid vehicles, insisting it followed official guidance and committed no fraud.
Azerbaijani President Ilham Aliyev and Turkish President Recep Tayyip Erdoğan spoke on 9 August, praising regional peace steps, new gas exports to Syria, and deepening bilateral ties.
More than 1,000 aid packages have been airdropped over the Gaza Strip since the resumption of the international airdrop operation on 26 July, the Israel Defense Forces (IDF) announced on Friday.
Kazakhstan has started construction of its first nuclear power plant near Ulken village, with completion expected in 2035-2036.
The European Union warmly welcomes the meeting between Azerbaijani President Ilham Aliyev and Armenian Prime Minister Nikol Pashinyan, hosted by U.S. President Donald Trump, European Council President António Costa and European Commission President Ursula von der Leyen said in a joint statement
President of the Republic of Azerbaijan Ilham Aliyev gave an interview to a select group of Azerbaijani journalists in Washington on August 8, including our correspondent Oubai Shahbandar.
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