(MENAFN- Trend News Agency) BAKU, Azerbaijan, January 24. bp has not ruled out the possibility of joining the contract for the development of the "Karabakh" field this year, bp Vice President for Communications and External Relations in the Caspian region Bakhtiyar Aslanbayli told reporters, Trend reports.

"As one of the key projects, bp is participating in the 'Karabakh' project, for which a memorandum of understanding has been signed. Active work and negotiations are ongoing, and once concrete results are achieved, information will be made available. The possibility of bp entering into a contract for the development of the 'Karabakh' field this year has not been ruled out," he said.

Notably, the promising offshore "Karabakh" structure was discovered in 1959 through seismic exploration, with data updated in 1984 and 1997-1998. The field lies approximately 120 kilometers east of Azerbaijan's Baku, at a depth of 150-200 meters in the Caspian Sea.

Additionally, bp and the State Oil Company of Azerbaijan (SOCAR) signed a memorandum of understanding on September 20, 2024, reflecting bp's intention to join agreements related to the "Karabakh" and Ashrafi-Dan Ulduzu-Aypara (ADUA) fields.

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