BP Taps Deep Gas Reservoirs In Azerbaijan’s Caspian Sea | OilPrice.com

BP begins drilling two new exploration wells in Azerbaijan's Caspian Sea for deep gas reservoirs.

Baku aims to double gas exports to Europe within five years and BP's exploration wells are crucial to securing new gas volumes.UK oil giant BP has started drilling two new exploration wells to search for gas deep beneath the Caspian Sea. Offshore drilling in deep water is enormously expensive, with each well costing many tens of millions of dollars.

BP confirmed to Eurasianet that the new exploration well into the deep gas reservoir is being funded by the ACG consortium itself ahead of an agreement over who owns the gas, and with no guarantee that it will be able to recover costs. This unusual move suggests both that the consortium is confident that it will locate significant gas reserves, and that it will be able to secure a deal over ownership which suits both Baku and its commercial partners in the consortium.

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