BP set to take over offshore natural gas project in Azerbaijan, sources say

BAKU, May 28 (Reuters) - Energy ​major ⁠BP will become the ​operator of a large offshore natural gas ​production project ‌in Azerbaijan - the Babek gas field - ⁠three industry sources told Reuters ⁠on Wednesday.

BP already ​has significant exposure to oil and gas production in the South Caucasus country, ​whose ‌energy reserves became more significant for Europe after it decided to cut its dependence on Russia, once a ​major supplier of commodities to the continent.

The ‌three sources said Azerbaijan's state energy company SOCAR and BP ‌would announce the agreement on the offshore Babek field on June 1.

The field ​is estimated to hold around 400 billion ‌cubic metres of gas and 80 million tonnes of condensate.

SOCAR and BP did ⁠not ⁠immediately reply to requests ‌for comment.

The Babek field, currently part of a SOCAR-led ​unit, ​will become a separate project ‌operated by BP, the sources said. (Reporting by Nailia Bagirova; writing by Vladimir Soldatkin Editing by Andrew Osborn)

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