BP and the Azerbaijani authorities, including the State Oil Company of Azerbaijan (SOCAR) are discussing ways to maintain profitability under various scenarios of low oil prices, BP's Vice President for Public Relations, External Affairs and Strategic Issues in Azerbaijan, Georgia and Turkey Bakhtiyar Aslanbeyli has told local media.

OPEC (Organization of the Petroleum Exporting Countries) forecasts average daily oil production in Azerbaijan for 2020 at the level of 700,000 barrels, local media reported citing OPEC Monthly Oil Market Report published on April 16.

The 3D seismic acquisition program on Block D230 in the North Absheron basin in the Azerbaijan sector of the Caspian Sea was safely completed, Trend reports citing BP.

Azerbaijan’s average daily oil production at the Azeri-Chirag-Guneshli (ACG) block of fields in 2019 amounted to 535,000 barrels, BP-Azerbaijan has reported in its website.

Over 2 billion tons of oil and around 900 billion cubic meters of natural gas have been industrially produced in Azerbaijan so far, President of Azerbaijan's State Oil Company (SOCAR) Rovnag Abdullayev said at the Energy Forward conference organized in the capital recently.

BP-Azerbaijan and the State Oil Company of Azerbaijan (SOCAR) have agreed on a work program for the Shah Deniz field development project for 2020, BP Vice President for Foreign Relations and Strategic Issues in Azerbaijan, Georgia and Turkey Bakhtiyar Aslanbeyli told local media on November 27.

Azerbaijan’s largest gas field, Shah Deniz, produced around 12.2 billion standard cubic metres (bscm) of gas and 2.6 million tonnes (about 21 million barrels) of condensate in January-September 2019.

Azerbaijan has promising potential in the field of renewable energy sources, Carolyn Gilbert, Assistant General Counsel at BP Azerbaijan said during the Caspian Technical Conference held in Baku on October 16-18, Trend reports.

Since the first oil production, the Azeri-Chirag-Gunashli field block (ACG) located in the Azerbaijani sector of the Caspian Sea has produced more than 3.6 billion barrels of oil in total.

The Innovation Agency under the Ministry of Transport, Communications and High Technologies organized a global event called "Falcons Summit" in Baku on April 24.