Electricity generated at the Shafag solar power plant in Jabrayil will significantly contribute to the development of the liberated territories of Azerbaijan, BP Regional President for Azerbaijan, Georgia and Türkiye Gary Jones said during the 30th Anniversary Baku Energy Forum, as quoted by Report.
"We have just made a final investment decision on our first solar project in the region - a 240 megawatt solar power plant in Jabrayil. The special feature of this project is the agreement concluded with Azerenergy OJSC, which we call a virtual deal. The generated electricity will be used to support the restoration and development of the liberated territories, and we, in turn, will receive an equivalent amount of electricity to decarbonize the Sangachal terminal," Jones noted.
He noted that this will eliminate the use of fuel at the terminal, and the released gas will be sent to the Southern Gas Corridor to supply countries experiencing a shortage of energy resources. This decision will also reduce the terminal's emissions by about 50%, he said.
"This holistic approach, where one initiative helps solve several problems at once, is what we strive for. We intend to continue implementing such projects," the BP regional president noted.
Jones also added that as part of the "reset" strategy, BP plans to increase annual investments in the oil and gas sector to $10 billion by 2027, inclusive. The goal, as he emphasized, is to increase production to 2.3-2.5 million barrels of oil equivalent per day by 2030.
"Our priority task is to use the potential of two key fields as efficiently as possible: the Azeri-Chirag-Gunashli (ACG) oil block and the Shah Deniz gas condensate field. For example, activity at ACG is currently at a record level: all eight drilling rigs are in operation, and drilling is in full swing. Over the past few years, drilling volumes have increased by about 300%," he said.
BP is also expanding its SimOps capabilities, including the use of specialized vessels, which allows work to be carried out outside the main drilling line, he noted. In parallel, the company is moving towards abandoning regular flaring, introducing methane emissions measurement systems at all facilities, and looking for additional ways to reduce its carbon footprint. Construction of the Shafag solar power plant, worth about $200 million, is expected to begin this year and last until mid-2027.
The Shafag project will be developed and operated by Lightsource bp, a wholly owned subsidiary of BP.