Development of the Azeri, Chirag and deepwater portion of the Gunashli (ACG) fields has been approved by a steering committee.
The move will see $6 billion (£4 billion) invested in the Azerbaijan sector of the Caspian Sea, with a consortium entitled the Azerbaijan International Operating Company (AIOC) heading the operation.
BP is one of the firms involved and its Azerbaijan president Rashid Javanshir said it is an "extremely important project" for the progression of oil extraction in this area of the world.
He remarked: "I am sure I speak for all AIOC shareholders when I say how proud we are to have taken this major investment decision."
Approximately $4 billion is to be spent on the building of well-drilling platforms and other pipeline facilities, with 2013 marking the first time oil is expected from the initiative.
Earlier this month, BP announced it will be refocusing its refining and marketing businesses in Africa to concentrate on Mozambique and South Africa.
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