SOCAR, BP to sign contract on exploration in Caspian Sea

Azerbaijan’s state oil company SOCAR plans to sign a contract with BP in autumn 2016 to jointly explore potential prospects in the block D230 in the North Absheron Basin in the Azerbaijan sector of the Caspian Sea, SOCAR’s President Rovnag Abdullayev told reporters at a briefing May 25.

He said the geological exploration can start before late 2016.

Currently, there is no infrastructure in the block D230, Abdullayev said, adding that no work was previously carried out in that area.

BP and SOCAR signed a memorandum of understanding (MOU) May 24 to jointly explore potential prospects in the block D230 in the North Absheron Basin in the Azerbaijani sector of the Caspian Sea.

The MOU gives BP the exclusive right to negotiate an agreement with SOCAR to explore and develop the block D230.

The Block D230 covers areas in a water depth of up to 300 meters with the reservoir depth of 3,000-5,000 meters.

Source: Trend