BP will become the operator of Azerbaijan's offshore Babek natural gas field. The energy major takes over the project from state-owned SOCAR. Both companies expect to announce the formal agreement on June 1.
The Babek field contains an estimated 400 billion cubic meters of gas. The site also holds approximately 80 million tonnes of condensate.
BP already operates the Shah Deniz gas field and the Azeri-Chirag-Guneshli oilfields. The project will transition from a SOCAR-led unit to a separate BP-led development. Azerbaijan’s reserves provide a critical alternative energy source for European energy security.