Earlier this year, Petronas decided to sell its 15.5 percent stake in the project.

Azerbaijan mainly produces oil on its major Azeri-Chirag-Guneshli (ACG) oilfields, the largest oil field block in Azerbaijan developed by a BP-led international consortium.

The economy grew by 6 percent year-on-year in the second quarter, reversing five consecutive quarters of negative growth linked to the imposition of restrictions owing to COVID-19.

BP said that it had acquired the 1.16 percent stake from Malaysia's Petronas for $168 million.