Azerbaijan and a BP-led consortium reached an agreement on developing a new natural gas field in the Caspian Sea. The new reserve, found earlier this year, lies below the massive Azeri-Chirag-Gunashli (ACG) oil field and could significantly increase Baku’s volume of gas available for export to Europe. According to BP, the reserve is estimated to hold 4 trillion cubic feet of gas “in place,” or around 113 billion cubic meters (bcm). “Gas in place” refers to the total volume held in the reservoir, not all of which will be recoverable. The agreement between Azerbaijan’s state oil company, Socar, …