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.
Mojtaba Khamenei, son of the late Ayatollah Ali Khamenei, is a hardline cleric with strong backing from the Islamic Revolutionary Guard Corps. His rise signals continuity in Tehran's anti-Western policies.
Global oil prices surpassed $119 a barrel on Monday (9 March, 2026), an almost four year high, as the Middle East conflict rumbled on.
China has urged Afghanistan and Pakistan to resolve their dispute through dialogue after Chinese envoy Yue Xiaoyong met Afghan Foreign Minister Amir Khan Muttaqi, as fighting between the two neighbours entered its eleventh day.
Iran named Mojtaba Khamenei to succeed his father Ali Khamenei as supreme leader on Monday (9 March), signaling that hardliners remain firmly in charge, as the week-old U.S.-Israeli war with Iran pushed oil above $100 a barrel.
Entry and exit across the state border between Azerbaijan and Iran for all types of cargo vehicles, including those in transit, will resume on 9 March, according to a statement by the Cabinet of Ministers of Azerbaijan.
Australia has granted humanitarian visas to five Iranian women footballers who sought asylum, fearing persecution after refusing to sing their national anthem at an Asia Cup match.
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Welcome to our live coverage as the conflict involving Iran enters its 11th day. Tensions in the region remain high as the United States and Iran exchange increasingly sharp warnings over the strategic Strait of Hormuz, a critical artery for global oil supplies.
U.S. President Donald Trump and UK Prime Minister Keir Starmer spoke by phone on Sunday as tensions between Washington and Westminster deepened over the conflict involving Iran. The call came less than a day after Trump criticised Britain’s response to U.S. strikes on Iranian targets.
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