Baku: bp plans to make a final investment decision on the development of the Karabakh field by the middle of next year, Giovanni Cristofoli, bp's regional president for Azerbaijan, Georgia and Trkiye, told journalists, APA-Economics reports. According to him, engineering work on the project is currently ongoing.

According to Azeri-Press News Agency, Cristofoli expressed optimism regarding the progress of the Karabakh project, emphasizing that bp continues all engineering work and hopes to make the final investment decision by around the middle of next year. He highlighted the significance of the project, noting that its implementation would mark the first time a new field is developed in the Caspian Sea through integration with existing infrastructure.

Cristofoli further explained that this development would serve as an important milestone for integrating new fields into existing infrastructure in the region. He also provided updates on bp's activities at the Shah Deniz field, where drilling operations are ongoing and approximately 30% progress has been achieved on the compression project, with plans for the facility to be commissioned in 2029.

Additionally, Cristofoli mentioned that bp has successfully brought the first production well of the deep gas project at ACG (Azeri-Chirag-Gunashli) into operation. Work on the next well is underway, with potential results that could lead to investments worth billions of dollars in the future. Despite fluctuations in oil prices, bp intends to maintain stable capital expenditures, with no changes to its investment plans.