'Shah Deniz: 30 years of success'
Dear co‑chairs, ladies and gentlemen, good afternoon.
It is a pleasure to join you today.
This forum has become one of the key places where we discuss the future of energy in our region.
And its importance keeps growing.
Just like the role of the Southern Gas Corridor and Shah Deniz in today’s fast‑changing energy landscape.
Let me explain why.
Global energy demand continues to rise.
We are in an “energy addition” phase.
The world needs both traditional and low carbon energy sources to meet growing needs.
Oil and gas will remain essential for decades.
We expect strong demand in the coming years - especially for natural gas in emerging economies.
bp’s strategy reflects this reality.
Our purpose is clear: deliver energy for today and help build the energy system for tomorrow.
We are growing our upstream portfolio.
Starting up projects that create value now and support future growth.
And increasing upstream investment by around 20%, to about $10 billion a year through 2027.
We move ahead with confidence.
Because we know how to develop large, complex fields and operate integrated oil and gas value chains.
Just like Shah Deniz - the anchor of gas deliveries from Azerbaijan to Europe and the SGC countries.
Shah Deniz continues to produce gas safely and efficiently.
It remains a key pillar of Azerbaijan’s commitments to
European and regional energy markets.
This year marks 30 years since the Shah Deniz Production
Sharing Agreement was signed.
Three decades later, we can all be proud of the success of this giant field.
Last year, Shah Deniz delivered around 27 billion cubic metres of gas with almost 100% reliability.
It also remains bp’s largest gas producer.
Its facilities can handle around 77 million standard cubic metres of gas per day.
Following the TAP expansion, SGC operators have increased daily flows to Europe to about 12 billion cubic meters per year from 1 January 2026.
This capacity is maintained and utilized today.
We are also continuing to expand the Shah Deniz subsea production system.
All five subsea flanks are already online.
And we plan to bring six more wells onstream in the coming years.
All of this strengthens supply from Azerbaijan and supports commitments to regional and European markets.
As we look to the future, our focus is on maximizing recovery from the Shah Deniz reservoirs.
The next major step on this journey is the Shah Deniz Compression project.
We took the final investment decision last June and moved quickly to advance the work.
Our aim is to reach low‑pressure gas reserves and extend the productive life of the field.
The SDC project represents around $2.9 billion of investment.
It will enable us to unlock roughly 50 billion cubic metres of additional gas and about 25 million barrels of extra condensate.
Volumes that would otherwise remain out of reach.
This will further strengthen regional and European energy security.
At the heart of the project is a new offshore platform with electric compression facilities - the model you are seeing on the screen.
The project also includes brownfield work on Shah Deniz Alpha and Bravo, and at the Sangachal terminal.
We have designed the SDC platform with the future in mind. It will run entirely on electricity and operate remotely, without a full‑time crew.
And it will open the door to electrifying Shah Deniz Bravo and, ultimately, the entire field.
Since FID, we have awarded several major contracts.
And are now progressing construction of both the topsides and the jacket.
These works are underway in local yards, making strong use of local resources and capability.
We plan to complete the platform in 2029.
It will receive low‑pressure gas from Shah Deniz Alpha that same year, and from Shah Deniz Bravo in 2030.
This project is a major investment in the future of Shah Deniz.
It will help keep the field a key energy supplier and ensure we maximize recovery for years to come.
We also plan to begin seismic surveys on Shah Deniz late this or early next year.
These will help us enhance our understanding of the reservoir and plan future activities.
At the same time, we are working to unlock new sources of gas beyond Shah Deniz.
A key part of this is the development of ACG’s non-associated gas reservoirs.
These reservoirs hold significant potential — up to 4 trillion cubic feet of recoverable gas.
We have already drilled the first NAG production well from the West Chirag platform and expect first gas in the coming months.
This well will also provide important appraisal data to guide next steps in the ACG NAG development.
Last year, we also joined the Karabagh and ADUA projects.
Aiming to explore and develop new oil and gas fields and prospects in the Caspian.
Together with SOCAR, we are assessing development options that make the best use of existing infrastructure.
And as operator, we are applying our global expertise and technology to progress these projects safely and efficiently.
As a first step, we are carrying out seismic survey programmes across both projects to better understand the reservoirs.
These insights will be essential for designing future development concepts.
We are also continuing appraisal work on the Shafag-Asiman block - now with a new partner, TPAO.
This collaboration brings added technical and financial strength.
Helping us accelerate work on this promising structure.
Ladies and gentlemen, let me close by bringing the picture together.
The world’s demand for energy continues to rise.
And gas will play a vital role in meeting that demand.
Here in the region and across Europe.
Shah Deniz and the Southern Gas Corridor stand at the heart of this effort.
They provide reliable, long-term energy that countries depend on.
For bp, our commitment remains clear.
We will continue to operate safely.
We will continue to deliver gas reliably from the Caspian.
And we will continue to support Azerbaijan’s ambition to grow exports through SGC.
Thank you.