Baku: The project to develop the Karabakh oil field is currently in the Concept Development Study stage, stated BP’s Vice President for the Caspian region, Bakhtiyar Aslanbeyli, in response to journalists’ inquiries regarding the potential acceleration of work within the project, APA-Economics reports.

According to Azeri-Press News Agency, the field is being studied to understand its geogeography, and the methodology for its development is being determined. Once the concept is finalized, additional necessary work within the project will commence. Bakhtiyar Aslanbeyli expressed BP’s interest in advancing the project swiftly.

Bakhtiyar Aslanbeyli highlighted that despite the Karabakh field’s reserves being smaller compared to the Azeri-Chirag-Guneshli (ACG) oil and gas block, it remains a priority for BP. Earlier this year, BP completed the acquisition of participating interests in two offshore exploration and development blocks in the Azerbaijani sector of the Caspian Sea, formalized through agreements signed with SOCAR during Baku Energy Week.

The Karabakh oil field, situated 120 km east of Baku and 20-25 km from the Guneshli field, lies in water depths of 150-200 meters. A Risk Services Agreement (RSA) for its development was signed in 2018. The second block, the Ashrafi-Dan Ulduzu-Aypara (ADUA) field, is located 90-110 km northeast of Baku in water depths of 80-180 meters and includes several existing and prospective structures. A production sharing agreement (PSA) for the ADUA field was also established in 2018.

BP acquired a 35% stake in both the RSA and PSA from SOCAR, which retains the remaining 65% in both agreements. BP will operate both agreements.