UK supermajor BP has advanced a plan to commit about $370 million in new investments to the first phase of a long-term exploration effort in Azerbaijan aimed at identifying additional resources and extending the life of the Azeri-Chirag-Gunashli (ACG) group of deepwater fields.

The programme will involve the collection of 4D seismic data in producing reservoirs of the Caspian Sea licence area, which BP operates with international partners.