BP Taps Deep Gas Reservoirs In Azerbaijan’s Caspian Sea

UK oil giant BP has started drilling two new exploration wells to search for gas deep beneath the Caspian Sea. The announcement comes as Azerbaijan imports gas from Iran and Russia to meet both growing domestic demand and existing export contracts. Baku has also pledged to double exports to Europe within five years. One of the wells will reach a depth of 7,000 meters, BP said this month, to tap a gas reservoir believed to lie below the existing Shah Deniz gas field, which currently provides the bulk of Azerbaijan's gas exports. This well, which…