BP plans to adopt FID on Karabagh field in 2027

BP plans to make a final investment decision (FID) on the Karabagh field by the middle of next year, BP's Regional President for Azerbaijan, Georgia, and Türkiye, Gio Cristofoli, told journalists on the sidelines of Baku Energy Week, according to Report.

"BP continues engineering work related to the development of the Karabagh field. The final investment decision on the project is expected to be made by mid-next year. If implemented, the Karabagh field will become one of the first to be developed using existing infrastructure in the Caspian Sea. This will mark an important stage in integrating existing hydrocarbon production and transportation infrastructure in the Caspian region for the development of new fields," he said.

According to him, BP is also continuing to implement new technologies in parallel to increase recovery rates at the ACG field: "To date, 4.6 billion barrels of oil have been produced from the field, and work on extracting additional reserves is ongoing."