BP expects to discover oil reserves at SWAP to compensate for a decline in oil production at its major project in Azerbaijan – the Azeri-Chirag-Guneshli oilfields, which account for most of the country’s oil output.

Azerbaijan exports to Turkey and Europe through the Southern Gas Corridor continue to make inroads into an energy market until now dominated by Russia.

Gross domestic product (GDP) grew by 10.5 percent year-on-year in January-October after contracting 5.1 percent in the same period last year.

Commercial banks reported a total net profit of 1.969 billion lari ($637 million) from January to November compared to a loss of 1.4 million lari in the same period in 2020.