Baku: One or two exploration wells must be drilled annually to fully utilize the Southern Gas Corridor, bp's Vice President for Subsurface for the Azerbaijan, Georgia, and Trkiye region, Dan Sparkes, emphasized during the 'Upstream Sector - New Horizons' session at the Baku Energy Forum.

According to Azeri-Press News Agency, Sparkes highlighted the urgency of accelerating exploration activities in the Caspian Sea to make full use of Azerbaijan's existing gas export infrastructure. He pointed out that the gas pipelines extending from the Caspian Sea to Italy, along with oil pipelines offering access to the Mediterranean, have become increasingly crucial in recent years.

Sparkes noted that bp has identified opportunities to boost the volume of gas and oil transported via existing routes. "Today, the value of these pipelines is higher than ever before. Against the backdrop of global developments, their strategic importance continues to grow," he stated.

To fully harness the existing gas infrastructure and even enhance transportation volumes, Sparkes emphasized the need for new projects. He remarked that projects on the scale of 'Karabakh' or 'Absheron' must be approved nearly every year. To support these projects, the drilling of one or two exploration wells annually in the Caspian Sea is necessary, he stressed.

Sparkes also highlighted the significant resource potential of the Caspian Sea but underlined the importance of accelerating exploration activities and investment decisions to unlock this potential. "The resources are there. We simply need to conduct more exploration and move projects to the investment stage more quickly," he added.