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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A joyous cricket celebration turned tragic in Bengaluru as a crowd surge outside the stadium left at least 11 dead and dozens injured.
Start your day informed with AnewZ Morning Brief: here are the top news stories for June 5th, covering the latest developments you need to know.
Canada is ready to retaliate if talks with Washington fail to reverse the U.S. decision to double tariffs on steel and aluminum imports, as President Trump's move adds pressure on global trade and pushes allies into urgent negotiations.
Severe floods have devastated India’s northeastern Assam state, submerging villages and threatening endangered one-horned rhinos in a key wildlife sanctuary.
A joyous cricket celebration turned tragic in Bengaluru as a crowd surge outside the stadium left at least 11 dead and dozens injured.
Start your day informed with AnewZ Morning Brief: here are the top news stories for June 5th, covering the latest developments you need to know.
Canada is ready to retaliate if talks with Washington fail to reverse the U.S. decision to double tariffs on steel and aluminum imports, as President Trump's move adds pressure on global trade and pushes allies into urgent negotiations.
Severe floods have devastated India’s northeastern Assam state, submerging villages and threatening endangered one-horned rhinos in a key wildlife sanctuary.
The U.S. vetoed a U.N. Security Council resolution demanding an immediate and unconditional ceasefire in Gaza and unrestricted humanitarian aid access, citing the need to condemn Hamas and ensure their disarmament. The veto comes amid escalating violence and a worsening humanitarian crisis
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