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Ba Bakhtiyar Aslanbayli, vice president of BP's Azerbaijan, Georgia and Turkey region, said BP had no plans to scale back its oil and gas operations
in Azerbaijan in terms of global plans to rebalance its portfolio to renewable energy.
Reuters reported last week that "even though crude oil prices have briefly collapsed from the COVID-19 pandemic and have rebounded, the company is poised to sell most of its oil and gas assets as it wants to invest
more in renewable energy.
" ”
Aslanbayli told Reuters: "In Azerbaijan, we have a responsibility to explore and develop the country's major oil and gas resources, and we remain committed to this responsibility, which is very important
to us.
" ”
BP's new strategy does envisage reducing the share
of oil and gas in its portfolio, he said.
"What is changing is that BP will no longer be a major hydrocarbon company, but an integrated energy company, with oil and gas being part of
a more balanced portfolio," Aslanbayli said.
”
Aslanbayli stressed that "oil and gas will continue to be at the heart of BP as it makes specific commitments
to host countries.
Part of the commitment is that we still want to invest $9 billion
annually in our oil and gas operations globally by 2030.
”
BP has been in the Azerbaijani market for almost three decades, with its main projects being oil production in the Azeri-Chirag-Guneshli field and gas production
in the Shah Deniz field, the Baku-Tbilisi-Ceyhan (BTC) pipeline and the South Caucasus (SCP).
Since it began operations in 1995, BP has invested $72 billion in capital expenditures
in these projects.
Ba Bakhtiyar Aslanbayli, vice president of BP's Azerbaijan, Georgia and Turkey region, said BP had no plans to scale back its oil and gas operations
in Azerbaijan in terms of global plans to rebalance its portfolio to renewable energy.
Reuters reported last week that "even though crude oil prices have briefly collapsed from the COVID-19 pandemic and have rebounded, the company is poised to sell most of its oil and gas assets as it wants to invest
more in renewable energy.
" ”
Aslanbayli told Reuters: "In Azerbaijan, we have a responsibility to explore and develop the country's major oil and gas resources, and we remain committed to this responsibility, which is very important
to us.
" ”
BP's new strategy does envisage reducing the share
of oil and gas in its portfolio, he said.
"What is changing is that BP will no longer be a major hydrocarbon company, but an integrated energy company, with oil and gas being part of
a more balanced portfolio," Aslanbayli said.
”
Aslanbayli stressed that "oil and gas will continue to be at the heart of BP as it makes specific commitments
to host countries.
Part of the commitment is that we still want to invest $9 billion
annually in our oil and gas operations globally by 2030.
”
BP has been in the Azerbaijani market for almost three decades, with its main projects being oil production in the Azeri-Chirag-Guneshli field and gas production
in the Shah Deniz field, the Baku-Tbilisi-Ceyhan (BTC) pipeline and the South Caucasus (SCP).
Since it began operations in 1995, BP has invested $72 billion in capital expenditures
in these projects.
