BP discloses volume of its investments in projects in Azerbaijan

BP has invested $87 billion in projects in Azerbaijan to date, Russell Morrice, BP's Vice President for Wells in Azerbaijan, Georgia and Türkiye, at the IADC Drilling Caspian & Black Sea 2026 conference and exhibition held in Baku, Report informs.

According to him, 4.5 billion barrels of oil have been extracted from the Azeri-Chirag-Gunashli (ACG) oil field to date: "But it is an old field. Therefore, we need to apply increasingly more technology to this field to continue oil and gas production".

Morrice noted that BP drilled a horizontal well at a depth of 1,150 meters in the Central Azeri field at the end of last year: "More than 7,500 barrels of oil per day are extracted from that well. This is a very good result and is well ahead of our expectations".

He stated that maximizing well delivery and reducing cycle time in ACG is really important: "There is a fundamental constraint on this field in terms of how many wells you can drill, and it is related to drilling days. We have only seven drilling rigs. We must ensure that drilling days are maximized in terms of value".