BP has secured multiple agreements to expand its oil and gas operations in Azerbaijan, including the development of the Shah Deniz Compression project, while enhancing renewable energy initiatives in partnership with SOCAR.

Information on the Target

BP, alongside its partners, has entered into a series of agreements aimed at expanding its substantial oil and gas interests in Azerbaijan. This strategic initiative is set to enhance production capabilities while strengthening BP's longstanding partnership with the State Oil Company of Azerbaijan Republic (SOCAR).

The agreements were finalized during the Baku Energy Week and encompass key developments including the Shah Deniz Compression project, which is part of the major Shah Deniz gas field. Additionally, the deal includes initiatives for terminal electrification and solar power projects that are projected to reduce operational emissions. BP's commitment further extends to exploring two new licenses and introducing a new partner to expedite exploration efforts on a third license.

Industry Overview in Azerbaijan

Azerbaijan's oil and gas industry plays a crucial role in both the national economy and energy supply across Europe. The country has rich hydrocarbon resources, primarily located in the Caspian Sea, and has established itself as a