Peak production level at Karabakh oil field revealed

Peak production at the Karabakh offshore oil field will be 7.5 million barrels per day, Report informs referring to Fitch Ratings.

According to calculations based on the agency's data, the annual production volume at the peak will exceed 2.7 billion barrels. It was previously said that the start of first oil production from the Karabakh field is scheduled for 2029.

On June 3, 2025, as part of the Baku Energy Week, BP signed agreements with the State Oil Company of Azerbaijan (SOCAR) to acquire shares in two projects.

The first project is the Karabakh field, located 120 km east of Baku and 20-25 km from the Gunashli field, at a depth of 150-200 meters. The second is the prospective Ashrafi-Dan Ulduzu-Aypara (ADUA) block, located 90-110 km northeast of Baku, at a depth of 80-180 meters. In each of these projects, BP acquired a 35% stake from SOCAR, with the remaining 65% remaining with the Azerbaijani state company.

BP will act as the operator of both projects. According to preliminary estimates, the geological oil reserves at the Karabakh field exceed 60 million tons, of which 21 million tons of oil and 13 billion cubic meters of gas are considered recoverable.