BP plans to explore new oil in Azerbaijan's sector of Caspian Sea

BP plans to explore new oil fields in Azerbaijan's sector of the Caspian Sea, BP's upstream chief Gordon Birrell told Reuters, Report informs.

BP is already working on stemming declining output at producing fields in the Caspian Sea, namely the Azeri–Chirag–Gunashli (ACG) complex of oilfields and the Shah Deniz gas field, but had not previously talked about new exploration.

"We are progressing a number of exciting opportunities in Azerbaijan, from further development of ACG and Shah Deniz within existing (production sharing agreements), to accessing discovered (non developed) resources to exploration opportunities," Birrell said this week.

"It remains a very active area for our investments in upstream."

Under a strategy revamp announced last month, BP is increasing spending on its oil and gas business while cutting spending on its low-carbon units.