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.
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