Offshore staff
LONDON – SOCAR and BP have signed a new production-sharing agreement (PSA) concerning joint exploration and development of block D230 in the North Absheron basin in the Azeri sector of the Caspian Sea.
The concession is 135 km (84 mi) northeast of Baku, and covers 3,200 sq km (1,235 sq mi) over an area not previously been explored. Water depths are 400-600 m (1,312-1,968 ft) and the anticipated reservoir depths are at 3,500 m (11,483 ft) subsurface.
Under the 25-year PSA, BP will be operator during the exploration phase, with both companies holding a 50% interest.
The signing follows a memorandum of understanding for exploration of the block, agreed in May 2016.
Previously the two companies signed exploration PSAs for the Shafag-Asiman offshore block, in 2010, and for the shallow water area around the Absheron Peninsula in 2014. In both cases, seismic programs have been completed and preparations continue for drilling.
04/30/2018
