BP and SOCAR (The State Oil Company of the Republic of Azerbaijan) have signed a new production sharing agreement to explore shallow water prospects in the Absheron Peninsula.
The agreement is part of the government’s plan to ensure that all of Azerbaijan’s offshore areas are fully explored.
A deal was signed by Rovnag Abdullayev, president of SOCAR, on behalf of the government of the Republic of Azerbaijan, and Gordon Birrell, BP’s regional president for Azerbaijan, Georgia and Turkey.
Mr Birrell said: “BP is proud to embark on this new era of exploration in the Caspian together with SOCAR.
“This opens a new stage in our partnership. This new partnership is based on BP’s extensive experience in responsibly exploring and developing in shallow water areas around the world and our expertise in using the best technology available in the industry.
“So we thank the government and SOCAR for another opportunity to deploy our expertise and technology, this time in the shallow water.”
The contract area stretches along the margins of the Caspian basin to the south of the Absheron Peninsula.
The acreage features water depths of up to 40 metres with potential reservoir depths of 3000-5000 metres.
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