Energy giant bp is ramping up exploration and development efforts across the Caspian Basin, eyeing massive untapped oil and gas resources, according to Dan Sparkes, bp's Vice President for Exploration in Azerbaijan, Georgia, and Türkiye.
Speaking at the Baku Energy Forum, Sparkes emphasized that the region offers "favorable conditions" for integrated oil and gas project development, with ongoing work on both mature fields and new prospects. He described the scale of opportunity as “multi-billion-dollar recoverable resources — hundreds of millions of barrels.”
Key Developments:
Shah Deniz Project:
Karabakh Field:
NECO Zone and New Prospects:
Shafagh Project (with Turkish Petroleum):
Strategic Focus
Sparkes noted that pace is critical: “To replenish volumes, we have to add new resources every year.” This requires a balance of exploration, development, and revitalization. He emphasized bp’s goal to maximize efficiency and productivity, especially in the face of declining output from aging assets.
This renewed push in the Caspian positions bp to maintain its regional dominance, support energy security in Eurasia, and contribute to Azerbaijan’s role as a key energy exporter to Europe and beyond.
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BP has announced that a seismic survey programme for the Ashrafi–Dan Ulduzu–Aypara (ADUA) project in the Azerbaijani sector of the Caspian Sea will be carried out between February and April next year, according to Report.
Shell has denied reports that it is in talks to acquire BP in a historic £60 billion deal, despite ongoing market speculation about a potential merger between the two oil giants.
bp, in collaboration with its partners, has signed a series of agreements to strengthen and expand its significant oil and gas interests in Azerbaijan.
Pakistan has warned that any attempt by India to block or significantly reduce river flows under the Indus Waters Treaty could have “far-reaching consequences”, after India's water minister said New Delhi was working to ensure that “not a single drop” of water reaches Pakistan in the coming years.
Armenia has every right to choose Europe. But Europe’s support for Armenia’s direction should not become automatic approval of its political process.
The U.S. and Iran say they have reached a deal to end their conflict, with an immediate ceasefire and reopening of the Strait of Hormuz after the lifting of the U.S. naval blockade. Talks will continue over the next 60 days to finalise the agreement
U.S. President Donald Trump has said a peace agreement with Iran is scheduled to be signed on Sunday in a post on social media, despite Tehran's Foreign Ministry spokesperson Esmaeil Baghaei saying no deal would be approved this weekend.
Details of a reported draft memorandum of understanding between the United States and Iran offer the clearest picture yet of how both sides plan to end months of conflict and move towards a longer-term settlement.
Ukrainian President Volodymyr Zelenskyy said he spoke with U.S. President Donald Trump on Sunday, 14 June about efforts to end Russia's war in Ukraine, as world leaders prepare to gather for the G7 summit in France.
All 12 people on board a plane that crashed near Butler Memorial Airport in the U.S. state of Missouri have died, according to local authorities.
Thousands of people took to the streets of Geneva on Sunday, 14 June ahead of this week's G7 summit in neighbouring France, but a largely peaceful demonstration later descended into clashes with police.
Veteran U.S. politician Mitch McConnell has been admitted to hospital in Washington, DC, according to his office.
British anti-Islam activist Tommy Robinson said he was detained by police at Heathrow Airport on Saturday, 13 June and had his mobile phone seized, days after posting extensively online about racist and anti-immigrant unrest in Northern Ireland.
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