BP has signed an agreement on manufacture and supply of fiber optic power cable and a SSIVumbilical, for a platform project in the Caspian Sea in Azerbaijan.

The volume of production in Azerbaijan’s Azeri-Chirag-Guneshli block of oil fields at the Caspian Sea increased by 12 million tons in the first half of 2020, amounting to 91 million barrels, the block’s major shareholder BP has reported.

BP will continue its operations in Azerbaijan and look for opportunities to expand relations, the company’s Vice-President Bakhtiyar Aslanbayli has said.

BP’s operations in Azerbaijan run smoothly, safely and in an uninterrupted way, Bakhtiyar Aslanbayli, BP’s vice-president for Azerbaijan, Georgia and Turkey, told Trend.

SOCAR-Petrofac and BP-Azerbaijan have signed an agreement on international payroll and staff support services, including training, local media reported on July 17.

Despite the coronavirus crisis, BP will continue implementing its projects in Azerbaijan at a high level, BP’s Vice President for external relations and strategy in Azerbaijan-Georgia-Turkey said.

The total volume of BP’s capital expenditure on Azerbaijan’s oil and gas projects between 1995 and 2019 amounted to $75 billion, BP said in its “Sustainable report of BP in Azerbaijan in 2019” published recently.

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.