BP: Future of Caspian region depends on ability of oil and gas industry to change

The oil and gas industry needs to rethink its traditional approaches and implement new operating models to remain competitive in the face of growing technical and organizational challenges over the long term, Giovanni Cristofoli, BP's Regional President for Azerbaijan, Georgia, and Türkiye, said at the SPE-2025 Caspian Technical Conference in Baku, Report informs.

He noted that the Caspian region has impressive infrastructure and strong human resources.

"We have a remarkable workforce in the region-technicians, engineers, and commercial specialists. A huge number of people are eager to work in our industry, ready to learn, innovate, and push the boundaries of what's possible. This is a powerful foundation for the future. Furthermore, a tradition of partnership plays a vital role-primarily with the government, which actively supports industry development and stimulates capital inflows. Such a business environment is rare, and this makes the region unique," he noted.

Cristofoli emphasized that the primary goal of BP and the State Oil Company of the Azerbaijan Republic (SOCAR) is to develop the region and strengthen cooperation across the entire supply chain.

"The Caspian region has a unique, almost magical, ability to create strong partnerships. But the main challenge is mindset. We cannot develop the industry in the next 30 to 50 years the same way we have done over the past 30. We need to change our approaches and avoid complacency. Technical challenges are becoming more complex, supply chains are becoming more complex. Therefore, it is important not to repeat previous models, but to adapt to new realities," he added.