BP, Azerbaijan's SOCAR To Sign Caspian Sea Exploration Deal In 2017
BAKU, Oct 12 (Reuters) - Azeri state energy company SOCAR plans to sign a production-sharing agreement with BP to jointly explore prospects in a new block, D-230, in the North Absheron basin of the Caspian Sea before the end of 2017, a source at SOCAR said on Thursday.
BP and SOCAR signed a memorandum of understanding on joint exploration of this block in May 2016 in a move that reflected efforts by SOCAR and foreign companies to make new discoveries in the oil-rich country.
"Participants of the deal will each have 50 percent of shares in the agreement," the source, who did not want to be named, told Reuters.
Block D-230 covers areas in a water depth of up to 300 metres, with a reservoir depth of 3,000-5,000 metres.
BP is a main investor and operator of two major projects in Azerbaijan - the Azeri-Chirag-Guneshli (ACG) oilfields, which account for most of Azerbaijan's output, and the Shah Deniz offshore gas field, which is estimated to contain 1.2-1.5 trillion cubic metres of gas.
(Reporting by Nailia Bagirova; Writing by Margarita Antidze; Editing by David Evans)
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
Operates 32 Offshore Rigs
- BP Returns To Solar With Investment In Lightsource (Dec 15)
- BP: 2017 'Massive' Year for Global Upstream Projects (Dec 07)
- BP Seeks Stake In Cairn Energy Senegal Assets (Nov 20)
Company: SOCAR more info
- BP, Azerbaijan's SOCAR To Sign Caspian Sea Exploration Deal In 2017 (Oct 12)
- Azerbaijan's SOCAR To Boost Its Share In New Deal With BP On Oil Fields (Sep 08)
- Azerbaijan's SOCAR Sees H2 2016 Net Profit At $298 MM (Jan 17)