BP to Operate Major Babek Offshore Gas Field in Azerbaijan
Energy major BP is expected to become the operator of the Babek offshore gas field in Azerbaijan following an agreement with state company SOCAR. The field holds an estimated 400 billion cubic metres of gas and 80 million tonnes of condensate.
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BP PLC will operate the Babek offshore field in Azerbaijan, a site holding 400 billion cubic meters of natural gas. The project includes 80 million tonnes of condensate and was previously managed within SOCAR's portfolio. The deal strengthens BP's Caspian footprint as Europe seeks alternatives to energy supplies from Russia.
Three industry sources said SOCAR and BP will announce the agreement on June 1. The Babek field will transition from a SOCAR-led unit into a standalone project under BP management.
