BP to Take Operatorship of Major Azerbaijan Offshore Gas Field

BP will operate the Babek offshore natural gas field in Azerbaijan. BP and state energy company SOCAR expect to announce the agreement on June 1.

The Babek field holds an estimated 400 billion cubic meters of gas. The field also contains an estimated 80 million tonnes of condensate.

The deal expands BP's footprint in Azerbaijan, where the company already operates major oil and gas assets. This expansion supports Europe's efforts to reduce its energy reliance on Russia.

Following the final agreement, Babek will transition from a SOCAR-led unit into a separate project operated by BP.