On March 14, BP reported that it plans to explore new oil fields in Azerbaijan's sector of the Caspian Sea, according to BP's Upstream Chief Gordon Birrell, who spoke to Reuters.

While BP is already working to mitigate declining output at the Azeri–Chirag–Gunashli (ACG) oilfields and the Shah Deniz gas field, this marks the first time the company has publicly discussed new exploration projects in the region.

Birrell stated that BP is pursuing multiple opportunities in Azerbaijan, including the further development of ACG and Shah Deniz within existing production-sharing agreements, accessing discovered but undeveloped resources, and launching new exploration projects. He emphasized that Azerbaijan remains a key area for BP's upstream investments.