The owners of the Shah Deniz gas field in the Azeri Caspian Sea led by BP made a final decision to invest $2.9 billion in expanding output from the project, BP said on Tuesday.
As part of its strategic shift away from renewable energy, the British oil major seeks to boost production of oil and gas, including in Azerbaijan, which has positioned itself as a reliable supplier to Europe that is seeking to cut its reliance on Russian energy.
Last year, Shah Deniz produced 28 billion standard cubic metres of gas and more than 4 million metric tons, or around 35 million barrels, of condensate, said BP, which owns around 29.9 per cent of the project and operates it.