BP company is considering more investments in the Azerbaijani sector of the Caspian Sea, BP's Vice President for Wells in Azerbaijan-Georgia-Türkiye (AGT) region Russell Morris said at the IADC Drilling Caspian 2025 exhibition held in Baku.
"We continue to actively develop projects in the Caspian Sea while maintaining a high pace of work. Currently, we observe a natural decline in production from the ACG block of fields, while Shah Deniz facilities are fully operational. We also plan to start new projects, which will allow us to expand our investment opportunities in Azerbaijan's Caspian region," Russel Morris said.
BP plans to intensify work to maximize oil production rates at the Azeri-Chirag-Gunashli (ACG) block of fields, Report informs.
"BP and its partners have already invested approximately $85 billion in developing the Caspian region's oil and gas reserves. About 4.4 billion barrels of oil have been produced from the ACG field to date. We plan to continue all our efforts to maximize oil production from the field. Our goal is not only to maintain the existing infrastructure but also to actively develop it while ensuring long-term sustainability," Russel Morris said.
He recalled that the Shah Deniz field produces approximately 550,000 barrels of oil equivalent per day, while ACG produces 340-345,000 barrels of oil per day. In 2010, at its peak, ACG production reached 823,000 barrels per day, which is truly a world-class field.
"We continue to look for ways to maximize oil production from here by applying new technologies and innovative approaches," Russel Morris said.
