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.
India and China on Tuesday announced plans to resume direct flights and enhance trade and investment as they cautiously rebuild ties following their 2...
On Tuesday, U.S. President Donald Trump indicated he plans to pressure the Smithsonian Institution, a leading museum and research complex on American ...
Armed bandits stormed a mosque in northern Nigeria’s Katsina state during morning prayers, leaving dozens dead and many injured....
The U.S. Commerce Department has expanded steel and aluminum tariffs on Tuesday, to include more than 400 products, aiming to protect domestic industr...
Flash floods and cloudbursts in Northwest Pakistan have killed at least 365 people over five days, displacing thousands as authorities warn of more st...
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.
bp, SOCAR and TPAO today signed several agreements enabling TPAO to join the production sharing agreement (PSA) for the Shafag-Asiman offshore block in the Azerbaijan sector of the Caspian Sea.
A powerful eruption at Japan’s Shinmoedake volcano sent an ash plume more than 3,000 metres high on Sunday morning, prompting safety warnings from authorities.
According to the German Research Centre for Geosciences (GFZ), a magnitude 5.7 earthquake struck the Oaxaca region of Mexico on Saturday.
'Superman' continued to dominate the summer box office, pulling in another $57.25 million in its second weekend, as theatres welcome a wave of blockbuster competition following a challenging few years for the film industry.
Honduras has brought back mask mandates as COVID-19 cases and a new variant surge nationwide.
The UK is gearing up for Exercise Pegasus 2025, its largest pandemic readiness test since COVID-19. Running from September to November, this full-scale simulation will challenge the country's response to a fast-moving respiratory outbreak.
India and China on Tuesday announced plans to resume direct flights and enhance trade and investment as they cautiously rebuild ties following their 2020 border clash, though key border issues remain unresolved.
On Tuesday, U.S. President Donald Trump indicated he plans to pressure the Smithsonian Institution, a leading museum and research complex on American history and culture, to comply with his demands, similar to his approach with colleges and universities by threatening to withhold federal funding.
Armed bandits stormed a mosque in northern Nigeria’s Katsina state during morning prayers, leaving dozens dead and many injured.
Flash floods and cloudbursts in Northwest Pakistan have killed at least 365 people over five days, displacing thousands as authorities warn of more storms as monsoon rains continue.
EU foreign policy chief Kaja Kallas confirmed that the bloc will continue targeting Russia’s war economy, with a new sanctions package expected by next month, while emphasizing the need for strong security guarantees for Ukraine.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment