BP will become the operator of the Babek offshore natural gas field in Azerbaijan’s Caspian Sea sector.
The company expects to formally announce the agreement with state energy firm SOCAR on June 1.
The Babek field contains estimated reserves of 400 billion cubic meters of natural gas. It also holds approximately 80 million tonnes of condensate.
This deal expands BP’s footprint in Azerbaijan, a key energy supplier for Europe. The continent is currently diversifying its gas sources to reduce reliance on Russia.