TODAY.AZ / Business

SOCAR and BP sign agreement on development project of oil and gas structures in Azerbaijan

06 July 2010 [16:41] - TODAY.AZ
Today, the State Oil Company of Azerbaijan (SOCAR) and British BP have signed an agreement on basic commercial principles within the project on joint exploration and development of prospective structures "Shafag" and "Asiman" in the Azerbaijani sector of the Caspian Sea.

The agreement has been signed by SOCAR President Rovnag Abdullayev and BP Azerbaijan President Rashid Javanshir.

"Shafag" and "Asiman" structures are located 125 kilometers to the south-east of Baku. SOCAR and BP signed a memorandum on "Mutual understanding" on the joint exploration and development of "Shafag" and "Asiman" in London in July 2009. The date of signing of the contract expires in July this year.

Exploration work has not been conducted on the block before. It is located in the depth of 650-800 m. with the depth of the reservoir at 7,000 meters.

BP is the main foreign oil investor in Azerbaijan. It heads the projects to develop the block of oil and gas fields "Azeri-Chirag-Guneshli" and gas condensate field Shah Deniz. BP is also an operator of the Baku-Tbilisi-Ceyhan and Baku-Supsa pipelines.


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