On June 3, 2025, BP announced the completion of its acquisition of participating interests in two offshore exploration and development blocks in the Azerbaijan sector of the Caspian Sea, finalizing agreements signed with SOCAR (State Oil Company of the Azerbaijan Republic) during Baku Energy Week.

The first block is the Karabagh oil field, located 120 km east of Baku and 20–25 km from the Gunashli field, at water depths of 150–200 meters. A risk service agreement (RSA) for its development was established in 2018. The second block encompasses the Ashrafi–Dan Ulduzu–Aypara (ADUA) area, situated 90–110 km northeast of Baku at depths ranging from 80 to 180 meters, containing several existing discoveries and prospective structures under a 2018 production sharing agreement (PSA).

BP acquired a 35% participating interest in both the RSA and PSA from SOCAR, which retains a 65% interest. BP will serve as the operator for both agreements. The deals were signed by Rovshan Najaf, President of SOCAR, and Gary Jones, BP’s Regional President for Azerbaijan, Georgia, and Türkiye.

Rovshan Najaf expressed enthusiasm for expanding the strategic partnership with BP, highlighting the significant potential of the Karabagh and ADUA areas. He emphasized that this cooperation continues the vision of National Leader Heydar Aliyev and President Ilham Aliyev, reinforcing Azerbaijan’s role as a trusted global energy partner.

Gordon Birrell, BP’s Executive Vice President for Production and Operations, described the acquisition as a renewed commitment to Azerbaijan and a key growth opportunity aligned with BP’s strategy to expand its upstream oil and gas business. He highlighted BP’s over 30 years of successful operations in Azerbaijan and pledged to leverage the company’s global expertise, advanced technology, and financial resources to safely and efficiently accelerate development in these areas.